More NewsING bank faces FSA fine over controls

ING bank faces FSA fine over controls

Dutch bank to be fined more than £500,000 for internal controls failure at former broking arm

ING, the Dutch bank, is to be fined more than £500,000 by the
Financial Services Authority
for failures in the systems and controls at Williams de Broe, its former
stockbroking division.

The FT
reports that in 2005 ING had reported a £56m hole in the accounts
of Williams de Broe following an internal investigation. The matter was passed
on to the FSA, which launched its own investigation.

The problems are believed to have been related to the reconciliation of
internal acounts at the stockbroking arm between December 2001 and May 2005.

ING sold Williams de Broe
to Evolution for £15m in 2006.

Further reading:

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