Charles Schwab Fined £9M Over UK Client Account Failings

Law360, London (December 21, 2020, 11:18 AM GMT) -- The U.K.'s financial services watchdog said on Monday that it has fined investment management giant Charles Schwab £8.96 million ($11.86 million) for violating rules on protecting client assets and making a false statement to the regulator.

Charles Schwab endangered the assets of retail customers, who requires the highest level of protection, the watchdog said. (AP Photo/Mark Lennihan) The Financial Conduct Authority said it has slapped the U.S. financial services company for not complying with British regulations and failing to protect its clients' money. Charles Schwab endangered the assets of individual customers, the group that requires the highest level of protection, the watchdog...

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