View more on these topics

FSA orders Threadneedle report following rogue trade – reports

The FSA has ordered Threadneedle to carry out a review of its systems and controls after a suspected rogue trade, according to reports.

The Daily Telegraph says the FSA issued the asset manager with a Section 166 order after the group contacted the authorities about a trade it had blocked last year.

A Section 166 order requires a company to submit third-party reports on internal processes to the FSA.

Earlier this week, Threadneedle said: “In August 2011, our systems stopped a suspicious attempted trade.

“The matter was immediately reported to the authorities and the individual involved was subsequently dismissed.”

No client money was lost in the alleged incident, which the newspaper claims involved up to one billion Argentine warrants.

City of London Police have confirmed that a 32-year-old man has been arrested and they are investigating the individual. He is believed to be a junior trader formerly with Threadneedle’s investment arm.

Threadneedle declined to comment on the Section 166 order, although a spokesperson clarified: “We are not under investigation.”


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Threadneedle. Brace yourself for a fine. Once the FSA have read the report, they will look for an angle to issue a fine. Despite all the mistakes they have made which have caused problems, nobody else is allowed to. The fact that Threadneedle identified the issue, stopped it and no client lost money, they will be stuffed.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm