The Financial Services Authority (FSA) has handed out a record £33.32m fine to JP Morgan in the latest sign of a tougher regulatory stance from the City watchdog. The penalty, which was announced today (3 June), was handed out after JP Morgan failed to protect client money by keeping it with its own money for almost seven years between 2002 and 2009 following the merger of JP Morgan and Chase Manhattan.
June 03, 2010 at 07:31 AM
1 minute read
The original version of this story was published on Legalweek
The Financial Services Authority (FSA) has handed out a record £33.32m fine to JP Morgan in the latest sign of a tougher regulatory stance from the City watchdog.
The penalty, which was announced today (3 June), was handed out after JP Morgan failed to protect client money by keeping it with its own money for almost seven years between 2002 and 2009 following the merger of JP Morgan and Chase Manhattan.
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