# TP ICAP announce settlement of FCA investigation

- Link: https://www.directorstalkinterviews.com/tp-icap-announce-settlement-of-fca-investigation/412795327
- Published: 2019-10-11T07:07:38+01:00
- Author: Amilia Stone

**TP ICAP** (LON:TCAP) announced that its subsidiary, Tullett Prebon (Europe) Limited
has entered into a settlement with the Financial Conduct Authority 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 £15.4m 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.”

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