The Financial Regulator has handed out its biggest fine to a financial services company since it was set up.
It has fined stockbroker Fexco €80,000 and reprimanded the company over breaches of a number of rules covering stockbroking firms.
The regulator said there was no loss to any customer and no client had made a complaint. It added that Fexco Stockbroking, a division of the Kerry-based financial company, had co-operated with it and the matter was now closed.
The regulator said the suspected breaches related to inadequate control systems for the recording of customers' accounts and failure to develop and maintain systems to monitor and control credit risk. The company says the problems were mainly administrative and procedural issues uncovered during an examination by the regulator.
Fexco Stockbroking says it has rectified most of the problems and is addressing the remaining issues.
