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MS Fined £5.4m after energy traders used WhatsApp

August 23, 20231 min read

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.

Try Qwil today!

Who’s next? What sector? Could it be time for trading firms of all sizes to offer a true alternative for staff to engage with clients? Yes, clients like WhatsApp but £5.4m is a high price for that convenience!

Why don’t you try Qwil and securely chat, trade, share docs, request advanced signatures and jump on video calls with clients. All for $15 per staff (if you start trial today) and with a full audit trail. Takes two minutes and you will be chatting in your brand and your risk Officer can sleep better at night!

Laurent Guyot

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