UK regulator gives JP Morgan record fine
June 3, 2010 The fine announced Thursday is the largest penalty ever handed
out by the Financial Services Authority.
The regulator says that J.P. Morgan failed to segregate the
client money held by its futures and options business for more than
six years.
Under the FSA's client money rules, firms are required to keep
client money separate from the firm's money in segregated accounts
with trust status to protect the client funds if the firm goes
bankrupt.
