JP Morgan has been fined a record 48.2 million dollars because it risked client money even though no client money was actually lost. The fine is imposed by Financial Services Authority (FSA). JP Morgan’s by lumping the money of its clients with its own money for seven years endangered the wealth of its clients.
This unintentional misconduct by JP Morgan though didn’t cause the clients any losses but according to rules client’s money should always be in a separate account. This is done to ensure that we protect the client’s money even if the financial firm becomes bankrupt.
JP Morgan’s support during the investigation allowed it to get 30% discount on the fine. Apparently during the seven years, the client money put at risk by JP Morgan was between 1.9 billion to 23 billion dollars. With this fine, a message is sent out to all firms that they need to provide full safety to clients’ money.
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2:41 am
Great, I never knew this, thanks.