The British Prudential Regulation Authority (PRA) is planning to probe a number of major American financial institutions including Goldman Sachs, Morgan Stanley, Bank of America, Merrill Lynch and the Canadian bank Scotiabank with U.K. operations, according to Sky News. The so-called S166 inquiries will look into the quality of data being reported by the financial companies. The new inquiries come after the Wall Street lender Citi was fined $57 million in a settlement for inadequate internal controls and poor governance practices. PRA officials believe the other financial institutions may be guilty of similar errors.
