FCA fines J.P. Morgan £3.1m for systems failings

The failings lasted for two years and were not corrected until the FCA brought them to the firm's attention during its thematic review into wealth management firms and the suitability of their advice. The FCA identified a number of issues with JPMIB's processes and an inability to demonstrate client suitability from its client files. During this period, JPMIB's senior management did not have sufficient information and oversight tools to identify and address these deficiencies. Although no detriment to customers has been identified to date, the failings exposed customers to the ris...