FCA fines J.P. Morgan £3.1m for failings at wealth arm

The Financial Conduct Authority (FCA) has fined J.P. Morgan International Bank Limited (JPMIB) £3,076,200 after identifying a series of failings within its wealth management business.

The regulator said it had identified a series of systems and controls failings relating to its provision of retail investment advice and portfolio investment services. The failings persisted for two years and were not corrected until the FCA brought them to the firm's attention during its thematic review into wealth management firms and the suitability of their advice, the FCA said. The FCA identified a number of issues with JPMIB's processes and an inability to demonstrate client suitability from its client files. During this period, JPMIB's senior management did not have suffici...