View more on these topics

US regulators order JP Morgan to improve risk controls

US banking regulators have ordered JP Morgan Chase and Co to improve its risk controls after the bank suffered huge losses following bad bets by a trader in London.

The unnamed trader, nicknamed the London Whale because of the size of the positions he took, lost $6.2bn through bad trades.

Reuters reports the Federal Reserve and the Office of the Comptroller of the Currency have forced the bank to submit a plan to improve its risk controls within 60 days.

The regulator did not levy a fine on JP Morgan or place blame on any individuals for the controls failings.

The FSA says it is also investigating the losses.

It says: “Conclusions will be reached in the enforcement investigation in due course and any further appropriate action determined at that time.”



Pressure mounts on two RBS executives to quit over Libor-rigging

Two of Royal Bank of Scotland’s highest paid executives are under pressure to resign and hand back bonus payments over the bank’s alleged involvement in the Libor-rigging scandal. According to reports RBS is close to a settlement with US and UK regulators that is likely to see the bank fined at least £200m. Reports state […]


FSA action against media IFA Colin Jackson

The FSA has taken action against Baronworth (Investment Services) and its chief executive Colin Jackson over failures to ensure direct financial promotions were clear, fair and not misleading. The FSA has banned Jackson (pictured) from performing any significant influence function other than as or through an appointed representative. Jackson has been widely quoted in national […]


FSA sets out good and bad practice on sales incentives

The FSA has set out examples of good and poor practice firms should consider when reviewing their sales incentives schemes, including a case where staff plotted to overcharge a customer in order to hit sales targets. The regulator has published its final guidance on sales incentives today following a review last September which found 20 […]


Defaqto appoints Patrick Gale as non-exec chairman

Research firm Defaqto has appointed former Aegon executive chairman of distribution Patrick Gale as non-executive chairman. Gale (pictured) left Aegon last week having been replaced by UK strategy director Rob Waller. Gale replaces Rupert Pennant-Rea who served as Defaqto chairman for over six years. Defaqto chief executive Zahid Bilgrami says: “I am delighted that Patrick […]

Health - thumbnail

Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. London Whale ??? tell the truth Jamie Dimon you’re really Moby Dick blaming some made up trader. Another example of you manimulation.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm