The Office of the Comptroller of the Currency has reportedly questioned executives at JP Morgan Chase in recent months about whether the firm “steers private banking clients to its own investment products,” the Wall Street Journal reported, citing “people familiar with the matter.”

The Office of the Comptroller of the Currency has reportedly questioned executives at JP Morgan Chase in recent months about whether the firm “steers private banking clients to its own investment products,” the Wall Street Journal reported, citing “people familiar with the matter.”

The probe prompted JP Morgan to “spell out more clearly” to its private banking clients the differences between its own products and outside offerings, the report said.

An OCC spokesman declined to comment on the regulator's conversations with JP Morgan, the WSJ said. However, the spokesperson did reportedly say that “examining for conflicts of interest is a fundamental part of our ongoing examination process.”

“Being transparent is part of our normal course of business and it's what drives our client communications,” a JP Morgan told Family Wealth Report.

The matter comes amid increased focus in the financial services industry at large on the need for firms to ensure they are transparent about their products.

However, as noted by the WSJ, 80 per cent the US-listed firm's stock has beaten its peer-group average over the past three years as of end-June, citing the research firm Morningstar.