Fexco fined €80,000 over breaches

THE stockbroking arm of financial services/payment solutions group Fexco has been fined €80,000 by the Financial Regulator for a number of breaches of the Stock Exchange Act, relating to the administration of customer money.

According to the regulator, it found that Fexco Stockbroking had failed to “develop and maintain systems to monitor and control credit risk”.

The regulator did add, however, that no customer of Fexco suffered any monetary loss and none made any formal complaints regarding the breaches.