TP ICAP PLC Settlement of FCA Investigation (5482P)
11 October 2019 - 5:00PM
UK Regulatory
TIDMTCAP
RNS Number : 5482P
TP ICAP PLC
11 October 2019
TP ICAP plc
11 October 2019
Settlement of FCA investigation
TP ICAP plc ("TP ICAP") today announces that its subsidiary,
Tullett Prebon (Europe) Limited ("TPEL") has entered into a
settlement with the Financial Conduct Authority ("FCA") with
respect to an investigation in relation to certain trades
undertaken between 2008 and 2011.
The FCA found that certain former managers in TP ICAP's Global
Broking Division and in TP ICAP's Compliance Department failed to
act with due skill, care and diligence. It also found that at the
time there were inadequate systems and controls in place to deal
with the risk of improper broker conduct.
The investigation also related to the circumstances surrounding
a failure in 2011 by TPEL to discover certain audio files and
produce them to the FCA in a timely manner, together with the
account given by TPEL to the FCA as to how those files were
discovered.
TPEL has agreed to pay a total sum of GBP15.4m and has entered
into a Settlement Agreement with the FCA. The settlement will be
reported as an exceptional item in TP ICAP's 2019 full year
financial results.
The FCA recognised that TPEL fully cooperated with the
investigation into the relevant trades and conducted its own review
of certain trades which it disclosed to the FCA.
Commenting on the settlement, Nicolas Breteau, Chief Executive
Officer of TP ICAP said:
"We are pleased to put this historical matter behind us. 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."
For media enquiries, please contact:
William Baldwin-Charles
Media Relations & Internal Communications Director
TP ICAP plc
T + 44 20 7200 7124
M + 44 7834 524833
Analysts and Investors please contact:
Al Alevizakos
Head of Investor Relations and FP&A
TP ICAP plc
T +44 20 3933 3040
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END
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