Gartmore fined £50,000 for 1997 mistake

IMRO has fined Gartmore Fund Managers £50,000 for breaches of its rules between September and December 1997. The fine regards Gartmore incorrectly pricing the assets of 21 of its unit trusts under management. The pricing errors, says IMRO, occurred as a result of delays within Gartmore's settlements department in the posting of foreign exchange transactions, data entry errors and delays in clearing reconciling items. The problems arose in the context of an increased volume of trades in Far Eastern securities as a result of abnormal volatility at that time in Pacific Basin marke...