US bank JP Morgan fined £572m over scandal

Investment bank JP Morgan has been fined £572 million ($920 million) by UK and US regulators for "serious failings" over the London Whale scandal.

The fine is the second biggest banking fine ever imposed by UK regulators and the third biggest by US regulators.

ITV News' Business Editor Laura Kuenssberg reports:

JP Morgan was handed a £137 million fine by the the UK's Financial Conduct Authority (FCA).

The bank was also given a £435 million penalty by three American regulators, including the US Federal Reserve.

Read: Breakdown of the biggest banking fines

The high-risk trading scandal last year triggered $6.2 billion US dollars (£3.9 billion) of losses and sent shock waves through financial markets.

The bank was criticised for its high-risk trading strategy, weak management, a poor response to the problems and failing to co-operate with regulators.

JP Morgan said it had "accepted responsibility" for the scandal.

Read: What was the 'London Whale' trading scandal?

The FCA said the bank's failings had "undermined the trust and confidence" in UK financial markets.

Read: JP Morgan a reminder of fractured public-bank relationship