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Regulators fine SEI for failures to protect client money

The asset manager has been fined £900,200 by the UK Financial Conduct Authority for failures between 2007 and 2012

Asset manager SEI Investments (Europe) has been fined £900,200 by the UK Financial Conduct Authority for failings relating to its protection of client money.

The FCA said firms that undertake transactions for clients, and look after their money, should ensure sufficient sums are set aside using trust status to cover any losses resulting from their failure. It says firms should carry out daily checks to reconcile the sums of money involved.

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