London--Control faults at Britain's Lloyds TSB Bank meant there was bad security for bearer stocks held by the bank on behalf of customers over an 18-month period to December 1998.
The keys to the strongroom holding the bearer stocks - whose physical possession by an investor is the only proof of ownership - were not always under the control of the staff member to whom they were issued. Safe combinations were not changed at required intervals.
The Investment Management Regulatory Organisation
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