Posted by: youngragingbull | May 23, 2013

JPMorgan subsidiary hit with £3 million fine

J.P. Morgan International Bank Limited, a subsidiary of J.P. Morgan Chase & Co., was fined 3.1 million pounds ($4.7 million) on Thursday by the U.K. Financial Conduct Authority for systems and controls failings related to its provision of retail-investment advice and portfolio-investment services.

The issues lasted for two years and were not fixed until the FCA mentioned it to the company, according to a news release.

The FCA said it identified issues such as failure to keep client files up to date and problems with computer systems that did not allow sufficient information to be retained.

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