CBI fines Sarasin

The Irish regulator has fined Sarasin Funds Management €385,000 for four regulatory breaches. Sarasin uses a delegation model. There were oversight failures both at the third party ManCo and at board level.

The bank started its investigation after a disclosure in August 2017 by its depositary about a breach of investment restrictions. In the course of investigating the breach, the CBI also found governance and oversight of delegates breaches.

To read more on this story see the Sept-Oct issue of The NED.