Opinion & Analysis

Despite the promises of better behaviour by banks after their fines for past abuses in the foreign exchange markets, investors should subject their currency transaction procedures to a thorough review to ensure best execution.

The record fine imposed by the UK’s Financial Conduct Authority (FCA) on US bank BNY Mellon’s UK entities - BNY Mellon London branch (BNYMLB) and Bank of New York Mellon International Ltd (BNYMIL) - for breaches of the rules on the safekeeping of client assets signals an aggressive new stance by the UK regulator. The FCA’s findings could prompt reviews of business models and management processes at other custodians. Meanwhile, investors need to take a close look at the robustness of their existing custody arrangements.

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The European capital adequacy regime for insurance companies puts fund managers under pressure to deliver detailed and accurate information about investments to their insurance company clients on a frequent basis. But if they get it right, they should get higher allocations from insurers, and help to head off a threat to their more important pension find allocations.

Completing and delivering consistent and accurate reports across multiple forms and regulatory regimes is a data management task of the first order. All but the largest managers are tempted to out-source the work, but they cannot always find the services they want.