FSA fines for client money and asset failings continue to make the headlines. In the attached briefing, we look at the enforcement decision in relation to ActivTrades Plc, and consider the main implications for firms of the FSA's feedback on 'Improving the auditor's report on client assets' in PS11/5.
We also seek to draw out for firms a checklist of key issues emerging from the enforcement cases on this topic, which may be useful in reviewing existing client money procedures, and we provide an update on forthcoming client money deadlines and developments.
Key contacts
Karen Anderson
Consultant, London
Susannah Cogman
Partner, London
Elizabeth Head
Of Counsel, London
Clive Cunningham
Consultant, London
Marina Reason
Partner, London
Kelesi Blundell
Partner, London
Hywel Jenkins
Partner, London
Chris Ninan
Partner, London
Jon Ford
Partner, London
Simone Hui
Of Counsel, Hong Kong
Chee Hian Kwah
Director, Prolegis LLC, Singapore
Valerie Tao
Knowledge Lawyer, Hong Kong
Cat Dankos
Senior Regulatory Consultant, London
Disclaimer
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