FCA fines Aberdeen £7.2m for client money failures

The regulator said it has fined Aberdeen Asset Managers Limited and Aberdeen Fund Management Limited £7,192,500 for failing to identify, and therefore properly protect, client money placed in Money Market Deposits (MMDs) with third party banks between September 2008 and August 2011. The average daily balance in MMDs affected by this failure was £685m, the FCA said. The FCA's client money rules are designed to ensure that, if a firm fails, money held on behalf of its clients is clearly identified, protected and returned as soon as possible. Aberdeen incorrectly determined this money...