Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
What lessons can be learnt from the recent fining of Aberdeen Asset Managers? Alison McHaffie, Partner in the Financial Services team at CMS Cameron McKenna, believes this is indicative of the Financial Conduct Authority's (FCA) tough new approach.
Aberdeen Asset Managers Limited and Aberdeen Fund Management Limited (Aberdeen) has been fined nearly £7.2m by the FCA for failing to identify and properly protect client money placed in Money Market Deposits (MMDs) with third party banks between September 2008 and August 2011.
What is the background to this fine?
Client money has been a key focus for the FCA since the collapse of Lehmans and it is taking an almost zero tolerance approach to any failings in Client Asset Sourcebook (CASS) procedures. The Aberdeen fine is an example of this tough approach for client money breaches and of the higher penalties that the FCA now imposes for these type of breaches.
What were the key facts in this case?
In this case, the risk to client money was very low and involved institutional clients only. Aberdeen placed the clients' money in money market deposits in order to get a better return for its clients and for risk diversification purposes. However, it did not obtain trust documentation from the banks with which it placed these deposits,
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234