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Yorkshire Bank hit for £100,000

Yorkshire Bank has been fined £100,000 by the investment management regulatory organisation for errors in its Pep administration.

The breaches in Pep regulations came between December 1996 and June 1999, and included failing to complete customer asset reconciliation and failures in internal organisation and control.

Yorkshire will also have to pay another £100,000 to compensate the 1600 tax-free Pep investors affected by the mistakes.

The Australian-owned bank says the problems were uncovered by its own monitoring procedures and stemmed from the shutdown of its Pep arm.

Yorkshire will have to pay Imro £55,000 costs.

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