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Stock impact report

Mastercard's Vocalink fined £11.9m by BOE over compliance lapses [Yahoo! Finance]

Mastercard Incorporated (MA) 
Last mastercard incorporated earnings: 4/29 08:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
This marks the first instance of the Bank of England penalising a financial market infrastructure firm. In 2021, the central bank directed Vocalink to address identified weaknesses in its systems and controls through a remediation programme, with a deadline of 28 February 2022. However, the Mastercard-owned company failed to fully comply due to an ineffective risk management framework, coupled with deficiencies in its controls, governance, and escalation processes, the regulator said. BoE deputy governor for financial stability Sarah Breeden said: “Vocalink fell short of its obligation to have adequate risk management and governance arrangements when responding to the Bank's Direction. Its failure to comply with that Direction in full has resulted in a significant fine.” The investigation pinpointed a lack of a sufficiently integrated risk management framework as the root cause of Vocalink's non-compliance. This flaw hindered the ability to properly understand, monitor, and Show less Read more
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