The UK Financial Conduct Authority fined The Bank of New York Mellon London Branch and The Bank of New York Mellon International Limited GBP 126 million (US $188 million) for failing to comply with FCA’s custody rules. Among other things, FCA claimed that the respondents failed to reflect on their records the specific BNY Mellon entity with whom clients had contracted; failed to take appropriate steps to prevent the commingling of custodied assets for clients with firm assets; and, on occasion, used client assets in omnibus accounts to settle other clients’ transaction without such clients’ authorization. FCA claimed that “[t]he [Respondents’] use of global custody platforms, which during the relevant period, did not record which Bank New York Mellon Group … entity clients had contracted, caused several of the Firms’ failings.”