Britain's Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) £9,533,100 for failing to protect client money adequately by not putting trust letters in place for certain money market deposits, and for failing to take reasonable care to organize and control its affairs responsibly in relation to the identification and protection of client money. According to the FSA's Final Notice (PDF), BIM breached Principle 10, and Client Assets Sourcebook (CASS) 7.8.1R and its predecessor rule, by failing to arrange adequate protection for certain client money when it was responsible for it, by failing to comply with the requirement to provide appropriate notification and obtain acknowledgement of the trust status of client money placed on money market deposits in the period between 1 October 2006 and 31 March 2010. The absence of trust letters during this period meant that client money was at risk in the event of insolvency. Blackrock also breached
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