Rowan Dartington fined £500k for client money breaches

In a series of breaches between May 2007 and September 2009, the regulator found Rowan Dartington put its clients' money at risk by failing to segregate customers' money for contingent liability business, including spread bets and options. The investment firm put in place a new software system in May 2007 but failed to properly test and implement it. The resulting problems meant the firm could not rely on the accuracy of its internal books and records, and so could not be confident it was segregating the right amount of its clients' money. At the time of the FSA's investigation, Rowan...