Morgan Stanley has been fined £5.41m ($6.9m) after energy traders discussed business over WhatsApp on private phones.

Regulator Ofgem said the bank breached rules requiring firms to record messages linked to energy trading.

It is the first fine of its kind to be issued under transparency rules aimed at protecting consumers against market manipulation and insider trading.

The watchdog said that Morgan Stanley's failures were "unacceptable".

It also said that the fine could have been as much as £7.7m but the bank agreed to settle the case and received a 30% discount.

https://www.bbc.com/news/business-66590824

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