Abrdn plc

The UK Financial Conduct Authority fined Aberdeen Asset Managers Limited and Aberdeen Fund Management Limited £7,192,500 for failing to identify and properly protect client money held in money-market deposits with third-party banks. The failures occurred between September 2008 and August 2011 and affected an average daily balance of approximately £685 million. The FCA found that the firms incorrectly concluded that the money was outside the client-money rules and failed to obtain the required documentation from the banks holding it. The firms cooperated and settled at an early stage, receiving a 30% penalty reduction. Aberdeen Asset Management later became part of the corporate group now operating as abrdn. This record identifies the historical entities responsible and does not imply that the current group name was in use during the misconduct period. Source / proof: UK Financial Conduct Authority: https://www.fca.org.uk/news/press-releases/aberdeen-asset-managers-and-aberdeen-fund-management-fined-%C2%A372-million-failing