The UK Financial Services Authority has fined JPMorgan a staggering £33.32 million ($48.8 million) for “failing to protect client money by segregating it appropriately”. Had the bank not complied with the FSA as soon as the regulatory breach was detected, it would have been fined £47.6 million, but for good behaviour it received a 30% discount.
Under FSA rules, firms must keep client money separate from the firm’s money in segregated accounts with trust status to protect it in case the firm goes bust.
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