UK regulator slaps $31 million fine on Invesco Perpetual
LONDON, April 28
LONDON, April 28 (Reuters) - British financial regulators have fined fund manager Invesco Perpetual 18.6 million pounds ($31.27 million)for exposing their clients to too much risk.
In a statement on Monday, the Financial Conduct Authority said between May 2008 and November 2012, Invesco Perpetual flouted rules on investment limits designed to minimise exposure to risk and clients lost money.
"The extent of these losses was 5 million pounds and prompt compensation has been paid to the funds. These losses could, however, have been greater," the FCA said.
The regulator added Invesco Perpetual agreed to settle quickly and qualified for a 30 percent discount on the fine which would otherwise have been 26.6 million pounds. ($1 = 0.5948 British Pounds) (Reporting by Chris Vellacott. Editing by Huw Jones)
Trending On Reuters
Strategies for making the most of your donations - from how to grow the money you plan to give to how to withdraw it with minimal tax implications. Video