FSA fines financial planner £27k for client money breaches

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 ...