FCA launches probe into Deutsche Bank's London office
The Financial Conduct Authority (FCA) has opened an investigation into the London office of German bank Deutsche Bank over governance and controls concerns.
Deutsche Bank AG
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The bank, German's biggest lender, has been scrutinised by the FCA since September, when it was fined £4.7m for failing to report some 30m equity swap transactions, according to sources cited by Bloomberg.
In June, following a recommendation from the government, Britain's financial authority wheeled out an enhanced supervision programme aimed at ensuring that after a firm is punished it takes the required measures to rectify the underlying causes for the violation.
“We have been working diligently to further strengthen our systems and controls and are committed to being best in class,” Deutsche Bank said in a statement on Friday.
“We have invested €3.6bn since 2012 as part of this effort.”