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Tullett Prebon Fined £15.4 Mln For Past 'improper Trading'

The U.K.'s Financial Conduct Authority has fined Tullett Prebon (Europe) Limited, a unit of TP ICAP Plc (IAPLF.PK,IAPLY.PK,IAP.L), 15.4 million pounds for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA.

The FCA found that Tullett Prebon's Rates Division had ineffective controls around broker conduct between 2008 and 2010. Lavish entertainment and a lack of effective controls allowed improper trading to take place, including 'wash' trades which generated unwarranted and unusually high amounts of brokerage for the firm.

The FCA noted that Tullett Prebon breached Principle 11 of the FCA's Principles for Businesses by failing to be open and cooperative with the FCA. This breach occurred between August 2011 and October 2014 and related to the FCA's request to Tullett Prebon in August 2011 for broker audio tapes.

Although Tullett Prebon had the majority of the audio that the FCA required, they failed to produce the audio to the FCA until 2014. Tullett Prebon initially provided an incorrect account as to how the audio had been discovered, the FCA said.

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