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Blackrock gets largest fine of kind
Source: Agencies |
September 12, 2012, Wednesday
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BLACKROCK, the world's largest asset manager, has been fined 9.5 million pounds (US$15.2 million) by the UK's financial regulator for failing to adequately protect some of its clients deposits.
The Financial Services Authority said it issued the largest ever fine for an asset manager after it failed to put in trust letters - a way to shield certain deposits from its own assets should it face insolvency. The error resulted from systems changes after BlackRock acquired BIM in 2006, once known as Merrill Lynch Investment Managers Limited, the FSA said.
"Identifying and protecting client money should be at the top of every firm's agenda," Tracey McDermott, FSA director of enforcement and financial crime, said. "Despite being part of one of the largest asset managers in the world, BIM's systems were simply not adequate, and the basic step of notifying banks that the money was held on trust for clients was not done."
The Financial Services Authority said it issued the largest ever fine for an asset manager after it failed to put in trust letters - a way to shield certain deposits from its own assets should it face insolvency. The error resulted from systems changes after BlackRock acquired BIM in 2006, once known as Merrill Lynch Investment Managers Limited, the FSA said.
"Identifying and protecting client money should be at the top of every firm's agenda," Tracey McDermott, FSA director of enforcement and financial crime, said. "Despite being part of one of the largest asset managers in the world, BIM's systems were simply not adequate, and the basic step of notifying banks that the money was held on trust for clients was not done."
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