A firm of attorneys involved in a property transaction paid R1 744 599.45 into the bank account of a hacker in response to emailed instructions. It was held that the attorneys were liable to the true client to pay this amount for failing to perform their mandate in regard to the trust money with sufficient
Trust money
UK chief executive fined £1.15 million over trust funds
By Patrick Bracher (ZA) on
The UK Financial Conduct Authority has fined One Call Insurance Services Ltd and its chief executive £1.15 million for failing to protect its clients’ money and to hold it in trust instead of using it to cover its own financial needs.
The insurer allegedly ‘inadvertently’ used funds from its clients’ money account to finance its…