JP Morgan in record FSA fine for risking clients' money

dipsydoodle

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Thu Jun-03-10 05:30 AM
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JP Morgan in record FSA fine for risking clients' money

Source: BBC News

The city regulator, the Financial Services Authority (FSA) has fined JP Morgan a record �33.32m ($48.2m).

The penalty is for failing to protect its clients' money by lumping it in with its own over a period of almost seven years.

Under the FSA's client money rules, firms are required to keep customers' funds separate from their own in segregated accounts with trust status.

This is done to protect clients' money should the firm become insolvent.

Read more: http://news.bbc.co.uk/1/hi/business/10225181.stm

They probably do the same in the USA but I don't believe you've got an equivalent of our FSA - yet.

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