Op risk data: SEC says no to Charles Schwab robo-adviser

Also: China steps up scrutiny of wealth management products; Libor fines still rumble on. Data by ORX News

Charles Schwab, Chicago

Charles Schwab suffered June’s largest loss by a considerable distance – the broker was fined $186.5 million for making false and misleading statements about its robo-adviser product, Schwab Intelligent Portfolios.

The US Securities and Exchange Commission (SEC) found that three of Schwab’s subsidiaries had stated that investment allocation was determined through a “disciplined portfolio construction methodology” that would ensure “optimal returns” for clients. Algorithms were, in fact

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