Capita Administrators fined by FSA

Capita Financial Administrators has been fined £300,000 by the FSA for poor anti-fraud controls over...

Capita Financial Administrators has been fined £300,000 by the FSA for poor anti-fraud controls over client identities and accounts. The FSA said that CFA had inadequately considered the risks posed by fraud and had not maintained effective systems and controls to mitigate the risk of fraud. The failures in controls contributed to a small number of significant actual and attempted frauds against the firm's customers. The FSA said these appear to have been facilitated by CFA staff and that the initial frauds were not discovered by CFA but brought to the firm's attention by clients. Philip ...