The Financial Services Authority has fined BlackRock Investment Management (UK) Limited (BIM) £9.5m for client money breaches.
The enforcement action came after it failed to protect client money adequately by not putting trust letters in place for certain money market deposits. BlackRock also failed to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money, the FSA said. The fine relates to the way BlackRock's UK arm operated between 2006 and 2010, during which time the FSA said it had failed to obtain letters of trust in relation to money market deposits it placed with other banks. The regulator said the error occurred as a res...
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