TP ICAP Unit Pays $19.2 Million to Settle FCA Trading Probe
- Tullett Prebon had ineffective controls on broker conduct: FCA
- Firm got a discount on fine for agreeing to resolve the issue
The offices of ICAP Plc in London, U.K..
Photographer: Matthew Lloyd/Bloomberg
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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.