According to The Times, Deutsche Bank was placed under ‘enhanced supervision’ by the regulatory watchdog in September 2014, but the order has only just been made public.
The bank is being investigated over how operates its governance and regulatory systems, with The Times reporting that FCA officials have made regular visits to Deutsche Bank’s Winchester Street base to ensure guidelines are being adhered to.
A statement published by the FCA in June last year declared that enhanced supervision orders are carried out if an organisation is exhibiting ‘serious failings of standards’.
The worst case scenario for Deutsche Bank as a result of the investigation would be an FCA block on operating a business in the UK.
It is not the first time the bank has been under scrutiny, with its New York branch having been given a mid-2015 deadline to complete a significant overhaul in line with regulations set by Federal Reserve Bank of New York and the city’s Department of Financial Services.
Deutsche Bank was also find £7.4m by the FCA last year for misreporting transactions between November 2007 and April 2013.
