SEI Fined $1.5M In UK For Client Money Breaches

Law360, New York (November 26, 2013, 1:25 PM EST) -- The Financial Conduct Authority has fined asset and wealth management company SEI Investments Ltd. £900,200 ($1.5 million) for failing to meet the FCA’s requirements for protecting client money, the British regulator said Tuesday.

The FCA said that between November 2007 and October 2012, SEI had failed to perform internal reconciliations and ensure its client bank account records were accurate and complied with FCA standards.

Under the FCA’s rules, firms are required to keep client money separate from their own money, holding them in client bank accounts...
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