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Provider: Reuters Investment Profile

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Aberdeen Asset Management Plc Agrees To A Fine Of GBP7.2 Million From The Financial Conduct Authority In Full And Final Settlement Of Past Inadvertent Breaches Of UK Client Money Rules

Tuesday, 3 Sep 2013 05:01am EDT 

Aberdeen Asset Management Plc announced that it has agreed to a fine of GBP7.2 million from the Financial Conduct Authority in full and final settlement of past inadvertent breaches of UK client money rules which the Company identified and reported to the regulator. No clients suffered any loss as a result of the breaches and at no point were client funds mixed with the Company's own money. Nor was there any risk of any client money being lost as a result of set-off, as the Company did not have any borrowings with any of the relevant banks, although there was a risk that clients could have potentially faced a delay in the return of their money in the unlikely event that the Company became insolvent. The Company regrets that the situation arose, has co-operated fully with the FCA in the course of its investigation and has amended its UK procedures regarding bank deposits following the FCA's guidance. 

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2.7 +0.62%
29 Aug 2014