The US Financial Industry Regulatory Authority (FINRA) has censured and imposed a monetary penalty of $1.1m on JPMorgan Securities (JPMS) for disclosure failures over a six-year period.

The financial watchdog said that the firm failed to reveal 89 internal reviews or broker misconduct charges between January 2012 and April 2018.

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The US law mandates broker-dealers to file a Uniform Termination Notice for Securities Industry Registration (Form U5) with FINRA within 30 days of dismissing a representative.

They are also required to inform the regulator of fraud charges, wrongful taking of property, among others.

JPMS filed the required information with FINRA, but it was over two years late.

The disclosure lapses are said to have restricted potential enforcement actions on 30 ex- JPMS registered representatives. It also prevented member firms and the public from learning about the misconduct, the US agency said.

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FINRA executive vice president of the department of enforcement Susan Schroeder said: “FINRA member firms have a responsibility to their fellow member firms, to FINRA and other regulators, and to the investing public to disclose allegations of serious misconduct by their registered representatives.

“Firms must live up to their responsibility as a gatekeeper and disclose allegations in a timely, accurate and complete manner. This disclosure responsibility is essential to providing transparency and maintaining the integrity of our industry.”

JPMorgan Securities agreed to the settlement without accepting or rejecting the allegations.

FINRA also ordered JPMorgan Securities to certify that it has taken corrective measures within 60 days.