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UK regulator fines JPMorgan 3 million pounds

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(Globalpost/GlobalPost)

LONDON (Reuters) - Britain's Financial Conduct Authority (FCA) said it has fined U.S. bank JPMorgan <JPM.N> 3.08 million pounds ($4.6 million) for being unable to show it was giving clients the right advice.

The FCA said on Thursday the failings were not corrected until the watchdog brought them to the firm's attention in the course of its wider review of wealth management firms.

"No matter who they are, customers of wealth managers should be able to expect the firm to keep complete, up to date client records so that they can give the right advice," FCA director of enforcement Tracey McDermott said in a statement.

"In this case the firm did not have complete records, nor did its management have the information they needed to recognize this."

($1 = 0.6647 British pounds)

(Reporting by Huw Jones, editing by Kirstin Ridley)

http://www.globalpost.com/dispatch/news/thomson-reuters/130523/uk-regulator-fines-jpmorgan-3-million-pounds