(Bloomberg) ? Leopold Joseph Holdings Plc, a UK private banking company, was fined ?85,000 ($157,010) by the UK Financial Services Authority, the nation?s markets watchdog, for ?serious failings? in its systems to monitor whether its customers adhered to credit limits, the FSA said.

?A firm?s senior management must ensure that appropriate systems and controls are in place to allow it to monitor the risks that the firm is exposed to,? said Andrew Procter, the FSA?s Director of Enforcement, in an e-mailed statement. ?The ability to monitor credit exposures is a fundamental control for banks.?

Bank of N.T Butterfield & Son Ltd., a Bermuda-based lender, said March 15 its offer to buy Leopold Joseph was accepted by shareholders owning 90.9 percent of the company?s stock. The bid, worth 51.5 million, was declared unconditional.

The FSA is charged by the UK government with stamping out financial crime and maintaining order in London?s markets. It?s also the UK?s listing authority and sets and administers the rules governing all listed companies in the UK.