FCA has fined J.P. Morgan International Bank Limited (JP Morgan) £3,076,200 for systems and controls failings. FCA found JP Morgan could not show it had given clients to whom it offered retail advisory services and portfolio management services advice that was suitable, and as a result customers were exposed to the risk of incorrect advice and of buying inappropriate investments. FCA found senior management had not had enough information or tools to identify and address the failings. As a result, FCA discovered the failings, which lasted for two years, in the course of its thematic review of wealth management firms. (Source: FCA Fines JP Morgan for Retail Business Failings)