TP ICAP Unit Pays $19.2 Million to Settle FCA Trading Probe
(Bloomberg) -- A unit of TP ICAP Plc agreed to pay 15.4 million pounds ($19.2 million) to settle a U.K. regulatory probe into some of its trades.
The Financial Conduct Authority found that the rates division of London-based Tullett Prebon (Europe) Ltd. had “ineffective controls around broker conduct” between 2008 and 2010. Tullett Prebon got a 30% discount on the fine for agreeing to resolve the issue, the FCA said in a statement on Friday.
The firm failed to act with “due skill, care and diligence,” and had inadequate controls to deal with improper conduct. It was also slow to hand audio files to the regulator, according to the FCA.
“None of the individuals involved in the relevant broking activities remain with our firm, which has long since taken the opportunity to significantly enhance its systems and controls to comply with regulatory expectations,” TP ICAP Chief Executive Officer Nicolas Breteau said in a separate statement.
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