Threadneedle fined £6m by FCA for fixed income failings

Fund manager allowed to make unauthorised $150m trade

Threadneedle Asset Management has been fined over £6m by the Financial Conduct Authority(FCA) for various failings in its fixed income business.

The group was fined £6,038,504 for failing to put in place adequate controls in the fixed income area of its front office and providing inaccurate information to the regulator. It also failed to correct the inaccurate representation for four months. The regulator was also concerned about the risks of fund managers initiating, booking and executing their own trades. Threadneedle was asked to address these concerns back in April 2011 and the asset manager replied in June 2011 that people had been appointed to deal with the failings. However, this was not the case and the problems went u...