The Financial Services Authority (FSA) has fined Christchurch Investment Management, a small firm specialising in financial planning and portfolio management, £26,600 and its compliance officer £11,550 for failings in relation to the protection of client money.
The FSA said it discovered the firm had been in breach of its client money (CASS) rules since November 2007 following a visit to the firm in May 2010. As well as the fine, David Thornberry, the firm's compliance officer, has been prohibited from acting as a compliance officer or having responsibility for client assets. Christchurch and Thornberry had insufficient knowledge and oversight of compliance with the FSA's client money (CASS) rules which led to serious regulatory breaches. The FSA clarified that firms must perform daily internal reconciliations of client money balances to ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
