FCA to 'haul senior managers over the coals' amid mounting cash reserves

Mike Sheen
clock • 2 min read

The Financial Conduct Authority (FCA) could be set to make an example of senior managers of non-discretionary investment firms, which have been making profits off the interest accrued from growing client cash weightings this year as investors liquidated positions in response to the market volatility. FCA executive director of supervision for the investment, wholesale and specialists division Megan Butler warned in a letter to CEOs that the regulator "will continue to review client money balances and follow up with firms" as it has become aware that cash balances have "significantly incre...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login