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JP Morgan private banking securities sales 'investigated by SEC'
11/08/2014 , News Team

The US Securities and Exchange Commission is investigating whether JPMorgan Chase & Co inappropriately directed private banking clients to its own investment products and away from those offered by outside firms, the Wall Street Journal reported, citing people familiar with the matter.
 
The civil inquiry by the SEC's enforcement division is parallel to one launched several months ago by the Office of the Comptroller of the Currency (OCC), the Journal said.
 
The questioning regarding potential conflicts of interest has led the New York-based bank to sharpen its disclosures to clients (see thewealthnet 29/07/2014).
 
The OCC began questioning bank executives several months ago about the percentage of clients' assets that were being directed to JPMorgan's own funds and products instead of third-party options. The regulator routinely monitors banks' sales of in-house financial products to clients.

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