London stockbroker Seymour Pierce has been fined by the Financial Services Authority for failing to prevent fraud, after a member of its settlements team stole £150,000 (€163,254) over a period of three years, according to the FSA. The offender's crime was only discovered after his dismissal for a separate breach of conduct, when his replacement noticed irregularities.

The FSA announced today that it had fined Seymour Pierce £154,000 for failing to establish effective controls to guard against employee fraud. Seymour Pierce qualified for a 30% discount on the fine, having agreed to settle at an early stage.