FCA fines Xcap Securities £121k for client money failings

It represents the first client asset case the FCA has brought under the new penalty regime, which applies to breaches committed from 6 March 2010, and introduces new penalty levels in such cases. In this case, the fine represents 2% of Xcap's average client money balance plus 0.2% of its average client asset balance over the period of the breaches. Under this new approach, it is expected that cases involving breaches of the client asset rules will result in increased penalties compared to similar cases dealt with under the previous penalty regime. Between the date Xcap began tradin...