Legal - Client money: the FSA belatedly bares its teeth

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The moribund Financial Services Authority has been busy enforcing client money regulations, issuing large fines. Brokers are advised to keep their houses well in order, writes Mathew Rutter.

A flurry of enforcement cases this month for breaches of the Financial Services Authority's client money rules has generated fines totalling £34m: almost as much in a few days as the FSA collected in the whole of 2009. If these penalties do not tell firms that the FSA takes such breaches seriously, nothing will.

As recent case law has emphasised, segregating client money and assets is an essential protection for clients if a firm becomes insolvent. A failure to segregate, deliberate or not, is

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