Investing.com investing.com 21 Dec, 2020 12:30 am

FCA fines Charles Schwab UK for failing to protect client assets By Reuters

FCA fines Charles Schwab UK for failing to protect client assets By Reuters
FCA fines Charles Schwab UK for failing to protect client assets

88 million) for failing to protect client assets, likening it to missteps taken by Lehman Brothers before the 2008 financial crisis.The regulator said CSUK neither had the right records and accounts to identify its customers' client assets, nor did it have adequate organisational arrangements to safeguard them.The firm falsely informed the FCA that its auditors had confirmed it had adequate systems and controls in place to protect client assets, the watchdog said, adding there was no actual loss of client assets.Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website."As we saw with Lehman Brothers and subsequent cases, a lack of client asset protections can easily lead to increased costs to consumers and funds being trapped for long periods of time," said Mark Steward, executive director of Enforcement and Market Oversight at the FCA.

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