The Financial Conduct Authority (FCA) has fined JPMorgan Chase Bank N.A. £137,610,000 for serious failings related to its Chief Investment Office (CIO), resulting in breaches of Principles 2, 3, 5 and 11 of the FCA’s Principles for Businesses. The breaches occurred in connection with the $6.2 billion trading losses sustained by CIO in 2012, arising from the “London Whale” trades caused by high risk trading strategy, weak management of trading and inadequate responses to important information notifying of the risks present. Problems were compounded by a failure to be open and co-operative with the FCA.