On 28 April 2014, the FCA issued a Final Notice fining Invesco Asset Management Limited and Invesco Fund Managers Limited (together, Invesco Perpetual) £18,643,000 (Stage 1: 30% discount) for exposing investors to greater levels of risk than they had been led to expect (i.e considered by the FCA to be breaches of Principle 3 (management and control), Principle 7 (information needs of customers) and associated relevant COLL and COBS Rules (including failure to ensure a  prudent spread of risk)). In particular, the FCA found that Invesco Perpetual breached those  FCA’s  rules  designed  to  limit  the  risks  to  investors  on 33 occasions, failed to communicate clearly or fairly with its investors as to increased risks in certain funds, failed to invest adequately in systems and controls which would ensure that it  recorded  trades  on  a  timely basis and failed to monitor whether trades were allocated fairly between funds. The penalty (calculated in accordance with the old and new regimes) was designed to reflect the revenue which Invesco Perpetual derived  from  the  investors’  money  managed  during  the  relevant  period.