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Bank refunds: FSA fines Barclays Capital Securities

The Financial Services Authority (FSA) has fined Barclays Capital Securities £1.12 million for failing to protect and segregate client's money from the firm's funds.

To safeguard consumer money, the FSA requires firms to keep their money separate from the firms in segregated accounts.

Margaret Cole, managing director of enforcement and financial crime at the FSA, said: "Barclays Capital committed a serious breach of FSA client money rules by failing to segregate millions of pounds of its clients' money for over eight years.

"This posed a significant risk and the penalty reflects the amount of client money involved in this breach."

She added that the FSA continually emphasises the importance of separating client money from the firm's own and has taken enforcement action against companies that fail to do this.

The FSA revealed that the average daily amount of client money not segregated by Barclays Capital was £387 million in 2009.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800365453-ADNFCR



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