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State Street fined $37.7 million by FCA over hidden client fees

State Streets clients include large investment management firms and pension funds.

By Suzi Ring | Updated on January 31, 2014

Jan. 31 (Bloomberg) — State Street Corp.’s U.K. unit was fined 22.9 million pounds ($37.7 million) by the Financial Conduct Authority for charging clients “substantial” mark-ups without their consent.

State Street “developed and executed a deliberate strategy” to charge fees on top of agreed management or commission payments in a restructuring group at the asset manager, the FCA said in an e-mailed statement.

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