Federal banking regulators have slapped JPMorgan Chase with a $250 million civil monetary penalty for risk management and other control failings in its asset and wealth management business.
The Office of the Comptroller of the Currency said it found that the bank’s risk management practices were “deficient and it lacked sufficient controls to avoid conflicts of interest.”
The bank has since taken steps to remedy those deficiencies, the OCC said in its consent order.
The OCC found that JPMorgan had had “a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities.”
Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant
Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
