FCA fines firm for TCF breaches

On 20 November 2019, the UK Financial Conduct Authority (the FCA) published a final notice imposing a fine of £1,867,900 on Henderson Investment Funds Limited for failing to treat customers fairly under Principle 6 of the FCA’s Principles for Businesses.

The FCA decided the firm failed to treat its customers fairly because, between November 2011 and August 2016, the firm ”significantly” reduced the level of active management for retail investors (but not for institutional investors) which led to retail investors being treated “substantially different”.