Standard Chartered Bank

Activities and protection

What they can do, and how you are protected

• Hold or safeguard your money FSCS may apply
  Eligible deposits are typically protected by the FSCS up to £120,000 per person, per banking group.
• Give regulated advice FSCS may apply
  A claim for unsuitable advice is itself FSCS-protected, up to the limit that applies to the product you were advised on.
• Manage or trade investments FSCS may apply
  Eligible investment and pension claims are typically FSCS-protected up to £85,000 per person, depending on the product and your circumstances.
• Advise on or arrange mortgages FSCS may apply
  Mortgage advice and arranging may be FSCS-covered, up to the limit that applies.
• Lend or arrange credit No FSCS cover
  Consumer credit is not covered by the FSCS, so there is no compensation scheme if the firm fails.

Check your FSCS cover →

Complaints: You can refer a complaint about this firm to the Financial Ombudsman Service for free, whichever activity it relates to.

Track record

Action taken against them

2 fines between 2019 and 2021, £148.71m in total. This is part of the official register record and is worth reviewing before going ahead.

• Fined £46.55m on 17 December 2021

  “On 17 December 2021, the PRA issued a Final Notice to Standard Chartered Bank (“SCB”). For the reasons given in the Final Notice, the PRA imposed a financial penalty of £46,550,000. SCB agreed to settle during the Discount Stage of the PRA’s investigation. As a result, SCB qualified for a 30% settlement discount under the PRA Settlement Policy. Were it not for this discount, the PRA would have imposed a financial penalty of £66,500,000. The PRA’s action took effect on 17 December 2021. A copy of the Final Notice can be found on the Bank of England’s website and can be accessed here ”.

• Fined £102.16m on 9 April 2019

  The FCA has imposed on Standard Chartered Bank (“Standard Chartered”) a financial penalty of £102,163,200. The reason for this action is because Standard Chartered breached the Money Laundering Regulations 2007 by failing to establish and maintain risk-sensitive policies and procedures, and failing to require its non-EEA branches and subsidiaries in the United Arab Emirates (UAE) to apply UK-equivalent anti-money laundering and counter terrorist financing standards regarding customer due diligence and ongoing monitoring. The breaches concerned Standard Chartered’s financial crime controls in two areas of its business which it identified as higher risk: its UAE branches and its correspondent banking business within its UK wholesale banking business. The FCA’s action took effect on 9 April 2019 and a copy of the Decision Notice is displayed on the FCA's web site.

  Read the FCA notice →

Common questions

Frequently asked questions