LONDON, Nov 26 (Reuters) - British financial regulators havefined asset management services provider SEI Investments morethan 900,000 pounds ($1.5 million) for failings in protectingclient money.
The Financial Conduct Authority (FCA) said on Tuesday thefirm had committed "a serious breach" of rules on maintainingrecords and accounts of client money over five years.
"Failings were found throughout SEI's client moneyprocesses, indicating that SEI's client money arrangements wereinadequate," the FCA said, adding that there had been no loss ofclient money and SEI had addressed the problem since its probe.
The fine would have amounted to 1.28 million pounds but SEIwas granted a 30 percent discount because it agreed to settle atan early stage.
SEI said in a statement it had invested significantly inaddressing issues identified by the FCA.
"Whilst SEI regrets that this situation arose, at no timewas any loss or detriment caused to any of SEI's customers. Allclient money was fully segregated from SEI assets at all times,with appropriate trust protection," the firm said.
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