The Financial Conduct Authority has fined the UK arm of Charles Schwab, the US-listed online broker, almost £9m for failures relating to the protection of retail client assets.

Charles Schwab, one of the largest retail brokerages in the US, failed to adhere to rules designed to protect client assets, according to the financial watchdog. In particular, Charles Schwab UK did not have the right records and accounts in place to identify client assets after a change made to its business model.