The Financial Conduct Authority said that units senior management had failed to provide clients adequate advice and carried out poor recording-keeping related to individuals investments from January 2010 to February 2012
LONDON – British regulators fined JPMorgan Chase £3.1 million ($4.7 million) on Thursday for failings in its wealth management division.
The Financial Conduct Authority said that unit’s senior management had failed to provide clients adequate advice and carried out poor recording-keeping related to individuals’ investments from January 2010 to February 2012.
The problems included not keeping client files up to date and failing to notify customers of the suitability of financial products.
“No matter who they are, customers of wealth managers should be able to expect the firm to keep complete, up-to-date client records so that they can give the right advice,” Tracey McDermott, the Financial Conduct Authority’s director of enforcement and financial crime, said in a statement.
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