JP Morgan International appoints ex FCA regulator Adamson as non-executive director
Clive Adamson, the Financial Conduct Authority's former director of supervision, is set to join the board of JP Morgan International Bank.
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According to Sky News, Adamson, who left his role at the City regulator late in 2014, will become a non-executive director of the firm overseeing the lender’s wealth management operations in Europe, the Middle East and Africa.
Sources cited in the report suggested that while Adamson’s appointment remained subject to the approval of the Prudential Regulation Authority, the bank was confident to announce it by the end of the week.
Adamson, who was criticised by MP for the FCA’s supervision of the Co-operative Bank, will also act as a senior advisor to the lender’s business.
Two years ago, the City watchdog fined JP Morgan International Bank over £3m for systems and control failings related to its portfolio of investment services and its role in providing advice to investors.
"The failings persisted for two years and were not corrected until the FCA brought them to the firm’s attention in the course of its thematic review into wealth management firms and the suitability of their advice,” the FCA said in May 2013.
“The FCA identified a number of issues with JPMIB’s processes and an inability to demonstrate client suitability from its client files."