JP Morgan, Merrill Lynch fined for segregation and supervision failures
In London, JP Morgan Securities Limited (JPMSL) was fined £33.2 million for failing to segregate its clients' money from its own. FSA client rules state that financial firms must keep client money separate from firm money in segregated accounts with trust status, so it cannot be raided by the firm in the case of insolvency.
JPMSL's futures and options business illegally held its clients' money in an unsegregated account with JP Morgan Chase Bank for almost seven years. Between November 1, 2002
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