FCA fines SEI Investments £900k for client money failings

The group was fined a total of £900,200 after the regulator found it had failed to carry out a number of duties with client money. This included failing to train employees with operational oversight and responsibility for client money, as well as failing to perform its internal reconciliations of client money on several occasions. The FAC said if SEI had become insolvent, these failings could have led to complications and a delay in distribution and placed client money at risk. The average daily balance of the client money accounts during the relevant period was approximately £84.3m. ...