The U.K. Financial Conduct Authority has abandoned a proposed fine of about $1.5 million (1 million pounds) and an industry ban against the former JPMorgan Chase & Co. trader known as the London Whale. The FCA sent a letter to Bruno Iksil earlier this month notifying him the agency was dropping its investigation, without giving a reason. The regulator discussed a fine of as much as $1.5 million and a ban as part of a market misconduct penalty, said a person familiar with the case who declined to be identified because the negotiations aren't public.JPMorgan was fined more than $1.5 million by U.S. and U.K. regulators in 2013 for management failings after Mr. Iksil, known as the London Whale because of his large bets, incurred $6.2 billion in losses in 2012.