View the article online at http://citywire.co.uk/wealth-manager/article/a748252
A 'wake up' call: the implications of Invesco's £18.6m FCA fine
by Dylan Lobo on Apr 28, 2014 at 14:48
‘Large firms that generate high levels of revenue now face eye-wateringly high fines because the FCA can fine them a percentage of their revenue. This new approach was introduced by the FCA in 2010 and we are now seeing more of these higher fines come through the pipeline,' Kovas said.
‘There is now much more money at stake for firms that find themselves in the FCA’s firing line.’
Back in 2012, BlackRock was fined £9.5 million for failing to ensure that £1.3 billion of client assets were properly ringfenced over a three year period.
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