Watchdog fines Xcap

The Aim-listed broker and fund manager Xcap Securities has been fined £121,000 by the Financial Conduct Authority (FCA) for failing to keep its clients' and own money separate.

The offences date from when Xcap started trading in June 2010 through until August 2011.

The fine is the first imposed under the FCA's tougher regulatory regime, which enables it to levy much higher punishments than its predecessor, the Financial Services Authority.