State Street hit by £22.9m FCA fine after transitions management failure

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State Street UK has been fined £22.9m by the Financial Conduct Authority (FCA) for deliberately adding concealed charges to transition management(TM) clients' bills.

This comes after State Street was forced to reimburse a TM client after an internal investigation found they had been charged double fees (PP Online, 14 October 2011). TM is a service provided t...

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