FSA fines BlackRock £9.5m for client money breaches

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The Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) £9.5m for client money breaches.

The enforcement action came after it failed to protect client money adequately by not putting trust letters in place for certain money market deposits. BlackRock also failed to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money. The FSA revealed the errors occurred between 1 October 2006 and 31 March 2010 and were the result of systems changes that followed on from BlackRock group's acquisition of BIM, which had previously been known as Merrill Lynch Investment Managers Limited. It added the average ...

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