According to a report in the Wall Street Journal executives from JP Morgan Chase and Co. Were questioned by regulators if private bank advisers guide client’s to buy the firm’s own financial products.
The New York based bank has increased disclosure towards clients as a consequence of questioning related to potential conflict of interests.
The report suggests that the Office of the Comptroller of the Currency, which is one of JP Morgan’s regulators, has been having talks with the bank regarding potential conflict of interests in recent months indicating that the matter may still be open.
Darin Oduyoye, a spokesman for JP Morgan’s asset management unit assured Reuters on Sunday that “being transparent” was part of their business and “It’s what drives our client communications.”
The Office of the Comptroller of the Currency could not be reached for comment.
If brokers coerce clients to buy certain in house products and not give impartial financial advise
the bank could gain at the expense of the client.
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