Close Investments fined £98k for client money failings

The company, a subsidiary of Close Asset Management, put clients at risk of significant financial loss by failing to segregate client money appropriately for a period of two years, the regulator says. Under the FSA's client money rules, firms are required to keep client money separate from the firm's money in segregated accounts with trust status. This helps to protect client money in the event of the firm's insolvency. The fine follows similar recent action against both J.P.Morgan Securities and investment manager and stockbroker Rowan Dartington. According to the FSA, between Ja...