UK - IMRO, the UK’s investment management regulatory organisation, has slapped a fine of £90,000 (€147,065) on Dresdner RCM Global Investors (UK) for failures in performing client money account reconciliations, reconciling and funding its UK settlement bank accounts and in its record keeping.
Most of the failures took place in 1998.
Dresdner RCM has already had to make compensation payouts to 122 investors of around £8,408.19 as a result of the above failings and is liable for costs to IMRO of £68,992.
IMRO says that the problems were spotted during a routine inspection, although it notes that Dresdner RCM was already addressing shortcomings in its back office operations.
Says an IMRO spokesperson: “Unfortunately these kind of incidents are cropping up more often than we would like. There might be fewer if companies were to look after their back office more.”