Rathbones forced by FCA to block new high-risk clients, faces £60m hit
By
Chris Price
Summary
Rathbones, a top British wealth manager established in 1742, has been forced by the Financial Conduct Authority (FCA) to stop taking on new high-risk clients for up to a year due to compliance red flags over its due diligence procedures. The move is expected to cost the firm £60m and deal a potential £900m blow to the business, as new high-risk clients had previously invested about £370m into accounts.
Source
bskyRathbones forced by FCA to block new high-risk clients, faces £60m hittelegraph.co.ukKey quotes
· 3 pulledA top British investment firm has been forced to stop taking on wealthy clients based offshore after the City watchdog raised red flags over its due diligence procedures.
Rathbones said it will not take on new high-risk clients for up to a year following a review by the Financial Conduct Authority (FCA) – dealing a potential £900m blow to the business, according to analysts.
The wealth manager, established in 1742, said new high-risk clients ploughed about £370m into accounts over the p
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