REUTERS -Britain's financial watchdog has fined U.S.-listed Charles Schwab's UK business 8.96 million pounds for failing to protect client assets, likening it to missteps taken by Lehman Brothers before the 2008 financial crisis.
"As we saw with Lehman Brothers and subsequent cases, a lack of client asset protections can easily lead to increased costs to consumers and funds being trapped for long periods of time," said Mark Steward, executive director of Enforcement and Market Oversight at the FCA. "Although no clients or assets were negatively impacted, we regret the errors and are pleased this matter has been resolved," CSUK said.The regulator said CSUK neither had the right records and accounts to identify its customers' client assets, nor did it have adequate organisational arrangements to safeguard them.
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