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.