Aberdeen fined £7.2m over failings

The FCA said the asset manager failed to identify and properly protect customer money placed in money market deposits with third party banks between September 2008 and August 2011.

The average daily balances affected by the breach of FCA rules was £685m.

“Proper handling of client money is essential in ensuring that markets function effectively. Where they fall short of our standards, firms should expect the FCA to step in and take action to avoid a poor outcome for their clients, and ultimately, consumers,” FCA director of enforcement, Tracey McDermott said.