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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.
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13:00 | Monday, January 20, 2014