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