For those who consider Saxo as a broker / custody. Saxo has been fined for some issues related to the asset separation from their own, Saxo Bank krijgt boete van €1,6 mln voor chaotische integratie van BinckBank (FD is a Dutch branch of Financial Times, in Dutch and behind paywall) so I google-translated some relevant information:
In short
- Saxo Bank accepts a fine for administrative chaos that followed the transfer of customer portfolios from BinckBank.
- According to the AFM, the security of customer portfolios was compromised during the transfer.
- The Danish bank is also being fined for not maintaining sufficient customer contact during the transfer.
The Netherlands Authority for the Financial Markets (AFM) has imposed three fines on Saxo Bank totaling €1.6 million. The fines are the result of the chaos that arose during the transfer of customer portfolios from BinckBank to the platform of the Danish parent company Saxo. According to the AFM, Saxo Bank acted contrary to the rules for asset segregation, risk management and careful treatment of customers.
The transfer of approximately 300,000 customer accounts from BinckBank to Saxo took place in the summer of 2021. According to the AFM, due to careless administration of investment portfolios, it was sometimes no longer clear to whom assets and investment portfolios belonged.
The supervisory authority’s fine provides insight into what exactly went wrong during the digital move. It was unclear whether the shares that were supposed to be in tens of thousands of customer portfolios were actually present.
A conversation that AFM employees had with the external accountant about this revealed that share portfolios worth hundreds of millions may have been lost. ‘The external accountant does not know whether any documents or money were lost. That is difficult to determine.’