The UK’s financial regulator, the Financial Services Authority is to fine the former owners of UK private client stockbroker Williams de Bro...

The UK’s financial regulator, the Financial Services Authority is to fine the former owners of UK private client stockbroker Williams de Broe, Dutch bank ING, £580,000 ($1.14 million) according to sources close to the broker. The fine relates to failures in internal systems and controls at Williams de Broe between December 2001 and May 2005 which led to a £56 million hole in its 2005 accounts. No clients lost money as a result of the failures. According to a report in the Financial Times, ING's Belgium arm, which was responsible for Williams de Broe and which will receive the fine, is thought to have co-operated with the FSA inquiry and it is likely to receive a discount on the fine in recognition of the speed which it notified the FSA after discovering the failures. Sources say the FSA is continuing its investigations into former chief executive John Millar and chief operating officer David Whistance, who left the company in 2005 and who were in charge during the period that the fine relates to. Williams de Broe was sold by ING to UK-listed Evolution in June 2006 for £15 million.