Vocalink Fined Over 11 Million Pounds by Bank of England

The Bank of England has levied a fine of 11.9 million pounds on Vocalink Limited for failing to maintain proper risk management and governance systems. Vocalink, which processes a significant portion of payments in the UK, is owned by U.S.-based payment processor Mastercard.

Vocalink is responsible for handling over 90% of salaries, more than 70% of household bills, and 98% of state benefits in Britain, indicating its crucial role in the financial ecosystem. The original fine was set at 20 million pounds, but was reduced after Vocalink admitted its failings and agreed to resolve the issues promptly.

The Bank of England's statement highlights the necessity for robust risk management frameworks in firms that operate vital financial infrastructure, ensuring the system's overall integrity and reliability.

(With inputs from agencies.)