Fine levied on UK Financial Market Infrastructure firm

Issue 733: 9 July 2025

Fine levied on UK Financial Market Infrastructure firm

Sometimes something so close to the niche you inhabit is published that, for balance in the stories you cover, it is important to post about.

Today’s story published by Finextra is one of those occasions.

A few hours ago Finextra reported that the Bank of England has issued UK payments operator Vocalink with an £11.9 million fine after it missed a deadline to fix problems in its risk management framework.

Vocalink was tasked by the Bank to fix weaknesses in its systems and controls. However, due to poor risk management and flaws in its controls, governance, and escalation processes, it did not fully meet the requirements by the February 2022 deadline.

As a subsidiary of Mastercard, Vocalink operates the UK’s real-time payments, cheque clearing, direct debit systems and the ATM network.

The Finextra article states that it is the first time the UK’s Central Bank has fined a systemically important financial market infrastructure firm.