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Violation Tracker UK Individual Case

Company: Aberdeen Asset Managers Limited and Aberdeen Fund Management Limited
Current Parent CompanyAbrdn PLC
Parent at the Time of the Penalty Announcement: Aberdeen Asset Management
Recap of Ownership Changes: Aberdeen Asset Management merged with Standard Life Assurance in 2017, becoming Standard Life Aberdeen, which changed name to Abrdn in 2021.
Penalty: £7,192,500
Year: 2013
Date: 2 September, 2013
Offence Group: financial offences
Offence Type: investor protection violation
Violation Description: Aberdeen paid a £7.2 million fine in settlement of a finding by the FCA that the company failed to properly organise and document client money placed in Money Market Deposits with third party banks, placing client assets at risk if the company became insolvent.
Action Type: agency action
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: investment management
Source of Data(click here)