UK Fines Integrated Financial $5.5M Over Breaches

Law360, New York (December 8, 2011, 2:32 PM EST) -- A U.K. regulator has slapped Integrated Financial Arrangements PLC, which offers one of the U.K.'s largest wrap platforms for consolidating investment portfolios, with a nearly $5.5 million fine for failing to adequately protect client money, the watchdog said Thursday.

The Financial Services Authority said Integrated Financial, the company behind the Transact wrap service, segregated client money from its own money when it received it but breached client money rules between December 2001 and June 2010.

For example, the company never performed client money calculations and failed...
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