Morgan Stanley fined $6.9 mn for not retaining WhatsApp messages

UK energy regulator Ofgem has imposed a $6.88-million fine on Morgan Stanley for not recording and retaining WhatsApp messages sent by wholesale energy traders between January 2018 and March 2020. It is the first fine of its kind in the Great Britain under transparency rules. The penalty was reduced by 30% as Morgan Stanley had agreed to settle, Ofgem said.