TP ICAP PLC Settlement of FCA Investigation

Data : 11/10/2019 @ 08:00
Fonte : UK Regulatory (RNS & others)
Titolo : Tp Icap Plc (TCAP)
Quotazione : 401.1  3.7 (0.93%) @ 17:29
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TP ICAP PLC Settlement of FCA Investigation

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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 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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October 11, 2019 02:00 ET (06:00 GMT)

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