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as traders "fines " never work HOWEVER a suspension is without doubt the worse torture for a trader ; a loss of trading rites sends a clear signal to clients that something is illegal and they will opt for another broker !
I would agree with you that fines are not the answer to the problems. However I don't necessarily blame the regulators when you have other parties involve with this process. Bank management sometimes are not the easiest group to get along with and they have
a different perspective of their resposibilties. For many years loans were the best solutions for a bank for profitability, and bank management was correct. Then the game changed and protection of bank data should have become a priority for bank management
and bank management did not understand the game, appreciate the potential damage of losing/ breach bank data and said go away IT. You are costing to much to play the data game. This frustrated the examiners and bank management insisted they were correct. As
time has progressed the data game is still here and bank management has been proven wrong. The bank IT staff has been hammered by bank management and the staff probably has not been kept up to date with technology or just left the bank. The bank management
have been not honest with the regulators therefore we have a credibilty problem between the two groups. However we must come up with a solution or the fines may get changed to suspension and basically put a bank out of business. The data problem is not going
away. It is a fact of life. But we can solve this problem if everyone wanted to solve this problem.
SVP - Real Time Payments Network - Europe
31 May 2013
08 Feb 2020
19 Jan 2020
03 Sep 2019