Poor Disclosures Cost Banks $25B in 2012

John Byrne, chief executive of Corlytics, said client reporting failures were the source of substantial fines for banks in a wide variety of cases, including misleading customers about investments and not communicating clearly enough with borrowers.

“It can involve any aspect of client disadvantage or loss due to inaccurate or misleading reports or communication,” he added.

We just can’t seem to tell customers what we are doing. Why is that?

Read the entire article here.

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