Britain’s electricity and gas authority, Ofgem, has fined Morgan Stanley bank £5.4million for failing to meet its electronic communications obligations by its energy brokers, according to a press release on Wednesday.
Ofgem explains that US bank wholesale energy brokers discussed transactions in the wholesale energy markets between January 2018 and March 2020 on private phones through Whatsapp messaging.
“This is the first fine issued in Great Britain relating to loopholes in the legal obligations to record and store electronic communications relating to exchanges on the wholesale energy markets”, insists Ofgem in its press release.
These rules are intended “to protect consumers and ensure the transparency and integrity of the market”, continues Ofgem. Morgan Stanley cooperated with Ofgem’s investigation and obtained a 30% reduction in the fine decided to end the litigation.