FSA Means Business
The Financial Services Authority has stunned the City of London by fining JP Morgan £ 32.2 million for transgressions relating to the client money and asset regulations.
I will not bore you with the details – actuallyI lie. I fully intend to share the details but in the form of a webinar that Risk Audit has been planning to run for a while. The latest incident clearly makes it imperative given the regulator’s focus on this theme.
I do want to reflect on a major change of stance and emphasis from North Colonade.
This is the largest fine levied by the FSA since it came to power. Financial services companies have been warned. Compliance functions need to be strengthened. Management need to be fully prepared for Arrow visits and SIF interviews. The pronouncements of the regulator need to be digested and applied.
We live in times when the FSA means business.