In this Feb. 16, 2021 file photo, pedestrians pass the New York Stock Exchange in New York. Stocks are off to a weak start on Wall Street, Tuesday, March 30, as drops in Big Tech companies outweigh gains in banks and elsewhere. Traders were monitoring another increase in Treasury yields, which tend to hurt richly valued tech companies. AP Photo/Frank Franklin II
A Charles Schwab survey revealed that 15% of US retail investors began investing in 2020.
The survey also debunked the notion that new entrants are mostly young and aggressive.
Schwab calls this recent addition Generation Investor, or Gen I.
A recent survey from Charles Schwab indicates that around 15% of retail investors in the US began their investing career in 2020.
Charles Schwab UK fined £9m for failing to protect client assets
Charles Schwab was also fined by the FCA for making a false statement to the regulator (Getty Images)
The UK’s financial watchdog has fined investment firm Charles Schwab £9m for failing to adequately protect client assets and making a false statement to the regulator.
Schwab’s breaches occurred between August 2017 and April 2019 when it moved client money from the UK arm to a US business.
The Financial Conduct Authority (FCA) today said Charles Schwab UK “failed to arrange adequate protection for its clients’ assets under UK rules”. It fined the company – the British section of the major US investment firm – £8.96m.
However, Charles Schwab failed to protect its clients’ assets under U.K. rules and didn’t put in place the necessary safeguards to ensure, if required, that there could be an orderly return of client assets, the regulator said.
“The firm took remedial action at various points after discovering the breaches. There was no actual loss of client assets and CSUK stopped holding client assets from Jan. 1, 2020,” the FCA said.
If CSUK hadn’t agreed to settle the case, it wouldn’t have received a 30% discount to the fine. CSUK would then have been fined £12.8 million, the regulator added.
The customers that suffered the consequences of the breaches were all retail customers, the FCA said.