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JPMorgan Fined $49M by U.K. Regulator

JPMorgan Chase has been fined 33.3 million pounds ($49 million) by the U.K. Financial Services Authority for failing to protect clients' funds.

LONDON (

TheStreet

) --

JPMorgan Chase

(JPM) - Get Report

has been fined 33.3 million pounds ($49 million) by the U.K. Financial Services Authority for failing to protect clients' funds.

The fine is the largest the U.K. regulator has ever issued.

The FSA said JPMorgan Chase between November 2002 and July 2009 failed to segregate client money of between $1.9 billion and $23 billion held by its futures and options business.

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Under the FSA's client money rules, firms are required to keep client money separate from the firm's money in segregated accounts with trust status to protect the client funds if the firm goes bankrupt, according to the

Associated Press

.

-- Reported by Joseph Woelfel in New York.

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