Financial Services Authority

“The Financial Services Authority (FSA) has fined JP Morgan Securities a record £33.32m ($48.2m).”

“For that, it received a 30% discount on the original £47.6m fine.”

“The penalty from the city regulator is for failing to protect its clients' money by lumping it in with its own over a period of almost seven years.”

“During the period, the client money balance held varied between $1.9bn (£1.31bn) and $23bn.”

“The Financial Services Authority said five of the banks, who are unnamed, had agreed to make big improvements, but two were facing further investigation.”

“Customers were given back £284m in the second half of 2009”

“Banks and building societies dealt with 2,014,000 complaints, up from 867,427 in the first half of the year.”

“Overall, the financial services industry received nearly 2.7 million complaints in the last six months of 2009, up from 1,510,886 in the first half of the year.”

“After banking services, the next largest category of business that upset customers was general insurance and pure protection, which generated 421,368 complaints, up from 337,000 in the previous six m…”

“Banks, building societies and other sellers of insurance repaid £144m to customers in the last half of 2009 as a direct result of their complaints, out of a total of £284m redress paid to buyers of a…”

“Of the insurance complaints, 174,000 related to the mis-selling of payment protection insurance.”

“The regulator is writing to more than 38,000 people whose names, addresses and telephone numbers are on the list.”

“The FSA believes UK investors lose hundreds of millions of pounds a year to boiler rooms, with the average loss per investor being put at £20,000.”