BlackRock fined on cash protection
Wednesday 12 September 2012
Related articles
BlackRock Investment Management, the fund manager, has been fined £9.5m by the City watchdog for failing adequately to ring-fence client money in the event of insolvency.
The Financial Services Authority (FSA) said BlackRock had failed to gain trust letters from banks holding money market deposits, which would have prevented the speedy return of the cash if it had gone bust. More than £1.3bn a day went unprotected, the FSA said. Tracey McDermott, risk director, said: "Protecting client money should be at the top of every firm's agenda."
-
That's some guestlist! Stunning images show huge dynastic wedding between Ultra-Orthodox Jewish families which attracted 25,000 guests
-
'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
-
National archives: Edward VIII’s phone calls - and how MI5 bugged them
-
World news in pictures
-
Eyewitness Ingrid Loyau-Kennett gives extraordinary account of her confrontation with Woolwich attackers
- 1 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 2 Mothers' diets may harm IQs in two-thirds of babies
- 3 Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
- 4 Eyewitness Ingrid Loyau-Kennett gives extraordinary account of her confrontation with Woolwich attackers
- 5 Woolwich attack: The EDL might have a sinister plan as a soldier is murdered in suspected Islamic terrorist attack
Get your summer started with British Military Fitness
BMF is the UK’s biggest and best loved outdoor fitness classes
Visit York
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Enter the latest Independent competitions
Win anything from gadgets to five-star holidays on our competitions and offers page.
Business videos from commercial thought leaders
Watch the best in the business world give their insights into the world of business.
Day In a Page
Edward VIII’s phone calls - and how MI5 bugged them
Hollywood's random acts of red-carpet kindness
Not secure any more: G4S boss heads for exit at last
How to say ‘I’m a sellout’


Comments