JPMorgan Unit Fined $4.6M In UK

Law360, New York (May 23, 2013, 2:49 PM EDT) -- British regulators on Thursday fined JPMorgan Chase & Co.'s wealth management unit with a £3 million ($4.6 million) fine for failing to prove they have proper systems in place to give high net-worth clients proper financial advice.

The Financial Conduct Authority said that a review of J.P. Morgan International Bank Ltd. did not have the proper systems in place to confirm that it was giving appropriate investment advice to its clients, and did not provide sufficient notice to clients about whether certain investments were appropriate....
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