On 3 September 2013, the FCA issued a Final Notice fining Aberdeen Asset Managers and Aberdeen Fund Management £7.2 million (Stage 1: 30% discount) for failing to protect client money in breach of Principles 3 and 10 of the FCA’s Principles for Businesses. The FCA determined that the firm failed to identify client money placed in money market deposits (MMDs) with third party banks between September 2008 and August 2011, with the average daily balance in MMDs affected by the failure being £685 million. The FCA identified that Aberdeen’s breaches arose from its failure to recognise that the monies it placed on behalf of its clients in MMDs with third party banks were governed by the Client Money Rules.