As if it was a warning shot to those dragging their heels in meeting the UK Financial Services Authority’s (FSA) recent call for firms to provide more data about their management of client assets (see our coverage here), the regulator has this week fined JPMorgan Securities Limited £33.32 million for breaches of its client money rules. It is the largest fine ever levied by the FSA and it indicates that the regulator is taking the management of client assets seriously in light of the collapse of financial institutions such as Lehman Brothers and the resulting liquidity issues.

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