FSA fines WDM £560,000 for failings

The FSA has fined W Deb MVL (WDM), previously known as Williams de Broe, for widespread failings in ...

The FSA has fined W Deb MVL (WDM), previously known as Williams de Broe, for widespread failings in its systems and controls resulting in inadequate client money protection. The failings occurred from 1 December 2001 to 3 May 2005. According to the FSA, the primary effect of these failures was that WDM was unable to monitor its own financial position or to comply with its financial reporting requirements adequately. The FSA found that WDM had breached four of the FSA Principles for Business as well as relevant FSA rules on client money. Margaret Cole, director of enforcement at the FSA,...