Charles Schwab Hit With $12M Fine Over Inadequate Safeguards Charles Schwab's U.K. business received a fine for not adequately protecting client assets for nearly two years, according to a U.K. regulator. Charles Schwab received a fine from the U.K.’s Financial Conduct Authority for “failing to adequately protect client assets,” according to an announcement from the authority. The £9 million ($12 million) penalty was assigned to the financial services’ U.K. business for missteps compared to those made by Lehman Brothers. All the customers affected by Charles Schwab’s breaches were retail clients and the failures in safeguards occurred from August 2017 until April 2019, according to the authority.