Your Basket
Your Basket
There are no funds in your basket. To add funds to your basket use the Green Plus Icon wherever you see it next to a fund.
Fund name
Aberdeen American Growth  
Fidelity American  
Schroder UK Mid 250  
M&G Recovery  
Jupiter Merlin UK Growth  
Close Basket Open basket




It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table

FSA fines Close Investments

Close Investments has joined the list of regulated firms fined by the FSA for client money breaches.

By Jonathan Boyd, Editor-in-Chief, Financial Express
Monday June 07, 2010

The Financial Services Authority (FSA) has fined Close Investments Limited (CIL) £98,000 for failing to properly protect and segregate client money.
The money was linked to investments in unregulated collective investment schemes managed by CIL. The money should have been in accounts adhering to trust status. However, a decision to outsource the process of distributions led to accounts being opened that did not meed the required status, the FSA says.

CIL joins JPMorgan and Rowan Dartington has firms that have recently been fined by the FSA for client money rule breaches.

Last week the FSA fined JPMorgan Securities Limited £33.32m for failing to properly segregate and protect client money.

In both January and May this year the FSA published so-called 'Dear CEO' letters to all firms authorised to hold client money and assets, expressing concern over how such money was being handled.

Add your comment
Step 1: Tell us what you think...

Step 2: Prove you're not a robot...
You don't have to do this every time you submit a comment.

Login or register free and you won't see it again.
Enter the words above:
Step 3: Submit your comment...
Be the first to comment on this News Article.


Follow FE Trustnet

Video Headlines

More Videos


If there is a yes vote in the upcoming Scottish referendum, will you look to move cash out of investments with exposure to Scotland?




  • Stay connected with FE trustnet
  • Authorised and Regulated by the
    Financial Conduct Authority
  • © Trustnet Limited . All Rights Reserved.
  • Please read our Terms of Use / Disclaimer
    and Privacy and Cookie Policy.
  • Data supplied in conjunction with Thomson Financial Limited,
    London Stock Exchange Plc,