UK Fines Aberdeen $11M Over Client Money Failures

Law360, New York (September 3, 2013, 4:40 PM EDT) -- The U.K. Financial Conduct Authority has fined Aberdeen Asset Management £7.2 million ($11.2 million) over claims the firm failed to protect client funds that were placed with third-party banks during a three-year period, the regulator said Tuesday.

Aberdeen failed to protect client funds that were placed in money market deposits, or MMDs, between August 2008 and August 2011, according to the FCA. The average daily balance of the MMDs during that period was £685 million, the regulator said. Had Aberdeen become insolvent, the company may have...
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