LONDON (Reuters) - U.S. investment bank JP Morgan Securities Ltd has been fined a record 33.32 million pounds ($49.12 million) by Britain's regulator for failing to protect billions of dollars of client money over almost seven years.
The Financial Services Authority (FSA) said on Thursday that between November 2002 and July 2009, the bank had failed to segregate client money of between $1.9 billion and $23 billion held by its futures and options business (F&O) with JPMorgan Chase Bank N.A. after its merger.
This error remained undetected for nearly seven years, the FSA said, handing down its largest ever fine.
No clients had suffered any losses as a consequence of the breaches, the FSA said.
($1=.6783 Pound)
(Reporting by Kirstin Ridley)
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