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FSA looks into State Street 'overcharging' allegations

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Britain's financial regulator is investigating allegations that State Street, the US financial services firm, overcharged some big UK pension funds, including the Royal Mail and J Sainsbury, the Financial Times reports.

 

State Street has admitted overcharging Ireland's national debt agency by €3.2m (£2.5m) after it was hired to manage the sale of €4.7bn of assets to fund the recapitalisation of Ireland's banks last year. John Corrigan, head of the National Treasury Management Agency, told a parliamentary committee on Thursday about the mistake and said he had reported it to the Irish police and had told the UK regulator, the Financial Services Authority.

 

"What happened here was fraudulent in nature and it's totally unacceptable," he said. "We have communicated this view ... very clearly and in unequivocal terms to State Street." The error was reported by Ireland's Comptroller and Auditor General last month. State Street said in a statement that "certain employees failed to comply with the high standards of conduct, communication and transparency that we expect," adding that those individuals no longer worked for the firm.

 

More: http://www.telegraph.co.uk/finance/personalfinance/pensions/9697988/FSA-looks-into-State-Street-overcharging-allegations.html


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This whole world is one giant rip-off. Every company seems to be out to get as much as they can by fair means or foul and usually by foul.

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