The FSA's fines notice says:
"The FSA have fined Kyte Group Ltd £250,000 for systems and controls breaches. Kyte failed properly to calculate, reconcile or transfer client money into segregated accounts in accordance with FSA rules. Kyte also failed to take reasonable care to make and retain adequate records of matters and dealings, including accounting records, which resulted in the misstatement of Kyte's balance sheet by approximately £7.2 million for the year ended 30 April 2003. The misconduct took place in the period from December 2001 to September 2003, and was found to be in breach of Principle 3, Principle 10, SYSC 3.1.1, SYSC 3.2.6, SYSC 3.2.20, COB 9.3.37, COB 9.3.100, COB 9.3.105, COB 9.3.121, COB 9.3.123, COB 9.3.126 and COB 9.3.131."
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