The Financial Conduct Authority (FCA) has fined SEI Investments (Europe) £900,200 for failing to protect its client money properly. Between November 2007 and October 2012, SEI failed to make sure that its records and accounts were maintained in an accurate way, said the regulator.
Under FCA rules, companies are required to keep client money separate from that of the company itself, to ensure that, should it become insolvent, money can be returned to clients as fast and easily as possible.
Tracey McDermott, director of enforcement and financial crime, said:
SEI has committed a serious breach by failing to comply with our client money rules for over five years. We have repeatedly emphasised the importance of ensuring that client money is adequately protected and we have taken a number of enforcement actions against firms of all sizes for breaches of our rules in recent years.
McDermott added that the FCA will continue to take action "against firms that fall short” of its asset requirements.