JP Morgan fined £3m for poor wealth management record-keeping

The recent £3,076,200 fine for JP Morgan International from the Financial Conduct Authority illustrates that it’s not just what you do that matters; it’s what you can evidence. The sanction – for systems and controls failings pertaining to its retail investment advice and portfolio investment services – was meted out despite advisers possessing good understanding of clients’ needs and making appropriate investment decisions in practice.