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Morgan Stanley to pay $6.9M over WhatsApp use — to a perhaps surprise source

August 24, 2023


Morgan Stanley is paying another $6.9 million over its failure to retain communications made over WhatsApp by employees, but the agency levying the penalty may not be who you’d expect.

Ofgem, the U.K.’s energy regulator, fined a subsidiary of the bank in the first enforcement action of its kind under the REMIT statute. That legislation gives Ofgem the power to request and collect information from energy market players and to investigate and sanction against market manipulation and insider trading.

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