FCA fines Charles Schwab UK for failing to protect client assets

https://www.reuters.com/article/cha...it-nearly-9-million-pounds-idUSKBN28V16E?il=0

 

What do you think? Should Charlie hightail it out of the UK? It doesn't appear from the article that anyone lost anything but Charlie.

 

Everybody in Europe is hoping this is how we get thinkorswim.

 

If I was Charlie I wouldn't THINK about it. I'd just SWIM back across the pond. LOL

 

These fines are part of a pattern to protect home grown companies and thwart competition from more efficient American companies.

 

Of course it isn't. Good grief. They publish lists of fines they've made each year. If you can spot "a pattern to protect home grown companies" then well done you.

https://www.fca.org.uk/news/news-stories/2020-fines

 

what do you reckon they doing with all that money?

 

"Under the Financial Services Act 2012 we must pay the Exchequer all financial penalties received, apart from certain enforcement costs incurred in generating these penalties in the same year. We use these retained penalties to reduce our fees, apart from the fees levied on the penalty payer itself."

 

In other words they probably get a decent salary maybe more than enough to eat some taquitos eh! Wonder if they get bonuses for hauling in more?

 

I hope they do. £1m bonus each person for every whale they take down would be ideal.