LONDON – JP Morgan has been fined a record £33.3 million by the UK Financial Services Authority (FSA). The fine, the largest ever issued by the UK regulator, is for failing to protect client money by segregating it properly.
Between November 2002 and July 2009, JP Morgan held up to £15.6 billion of client money in firm accounts. Had it hit financial trouble at any point during this period, the client money would have been at risk of loss.
The fine is substantially larger than any given out by the