FCA hits State Street with transitions management fine

State Street

The UK’s Financial Conduct Authority (FCA) fined State Street £22.9m on January 31 for charging concealed mark-ups in its transition management business, relating to equity and fixed income client trades.

The FCA says it found no evidence of FX trades being wrongly marked-up, but transcripts showed senior management in the transition management team discussing FX transactions as part of the disputed charges relating to concealed mark-ups.

However, FX trades were mentioned in the email transcript

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