FSA fines Capita £300 000 on fraud charge
The FSA has fined Capita Financial Administrators Limited (CFA), a third party administrator of collective investment schemes, £300,000 for poor anti-fraud controls over client identities and accounts. The matters set out in this notice refer to the actions of CFA and not the wider Capita Group.
The FSA found that CFA had inadequately considered the risks posed by fraud and had not maintained effective systems and controls to mitigate the risk of fraud.
This is the first time the FSA has fined
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