Morgan Stanley fined £5.4m by Ofgem for traders' WhatsApp use

Morgan Stanley fined £5.4m by Ofgem for traders' WhatsApp use (msn.com)

Britain's energy regulator has fined US banking giant Morgan Stanley over £5.4million after its energy traders communicated via private WhatsApp discussions.

The regulator said the group had failed to take 'reasonable steps' to ensure its staff did not use ways of communicating that it could not hand over to investigators should they ask for the information.

Traders who were buying and selling energy used their private WhatsApp accounts to discuss transactions between January 2018 and March 2020, Ofgem said.