SEI Investments stung by client money penalty

Problems with its internal reconciliations have prompted SEI Investments (Europe) Ltd to be fined £900,200 by the Financial Conduct Authority for client money breaches. Between November 2007 and October 2012 SEI failed several times to ensure that shortfalls or excesses identified in its daily calculations of the amount of client money to be segregated, were duly paid into or withdrawn from the client bank account by close of business. On other occasions the internal client money reconciliations were not performed at all.