FSA has fined Towry Investment Management Limited £494,900 for providing misleading information to FSA and for client money breaches. It found the firm had replied to FSA's "Dear CEO" letter on client money compliance stating that it was fully compliant with client money rules. FSA found the firm had not properly considered this response, and discovered during a themed CASS compliance visit that the firm was not compliant. FSA considered the firm had breached Principles 10 and 11. Tracey McDermott said it should go without saying that firms should take steps to ensure information they provide to FSA is properly considered, up to date and correct. (Source: FSA Fine on Towry Investment Management)