Tuesday, 21 November 2017

Watchdog fines Invesco £18.6m for rule breaks

INVESCO Perpetual has been fined £18.6 million by the Government’s finance regulator.

The Financial Conduct Authority says the asset management firm, which is based in Henley, broke rules designed to limit the risk to investors.

It says the company breached the regulations on 33 occasions across 15 funds over a four-year period from 2008 to 2012.

This represented more than 70 per cent of the funds under its management and created losses of £5million, which Invesco has paid back.

Funds are not supposed to invest more than five per cent of their total value in any one company but Invesco exceeded this limit.

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