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Violation Tracker UK Individual Case

Company: Charles Schwab UK Ltd.
Current Parent CompanyCharles Schwab Corp.
Parent at the Time of the Penalty Announcement: Charles Schwab Corp.
Penalty: £8,963,200
Year: 2020
Date: 21 December, 2020
Offence Group: financial offences
Offence Type: investor protection violation
Violation Description: Charles Schwab paid a fine of £8.96 million in settlement of a decision by the FCA that the company failed to arrange adequate protection for client assets under UK rules when moving money between UK and US affiliates, and had inaccurately informed the FCA that it had adequate systems and controls in place to protect client assets. No client assets were lost.
Action Type: agency action
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
HQ Country of Parent: United States
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: financial services
Source of Data(click here)