Promontory Financial Group, a major advisor to U.S. banks, was ordered by the New York Department of Financial Services to pay fine of $15 million over allegations it had put its own business interests before its obligations to regulators during its consulting work at Standard Chartered Bank. Promontory also agreed to a six-month abstention from new consulting engagements that require disclosure of confidential information by the regulator. The NYDFS had alleged that Promontory’s work lacked objectivity and was not reflective of its best independent judgment. Promontory admitted that, in certain instances, its actions during the Standard Chartered engagement did not meet regulatory requirements for consulting work performed on behalf of NYDFS.
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