TP ICAP controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
FCA fines TP ICAP £15.4 million
Fine or penalty
The Financial Conduct Authority fined TP ICAP £15.4 million over improper broker conduct involving lavish client entertainment and wash trades. The regulator also said that Tullett Prebon had failed to be open and cooperative with the watchdog.
Company response
Clarification — TP Icap
TP Icap chief executive Nicolas Breteau said: “We are pleased to put this historical matter behind us.”
Source excerpt
The FCA said Tullett Prebon failed to be open and cooperative with the watchdog and a breach occurred between August 2011 and October 2014, related to the FCA’s request to Tullett Prebon for broker audio tapes.
The Financial Conduct Authority fined the broker, now known as TP Icap after a deal in 2016, £15.4 million for a rigging scandal which included attempts to manipulate Libor, the London interbank offered rate which is linked to UK mortgages.
2012
Assistance with LIBOR-related market investigation
Tullett Prebon was reported to have been asked by the Financial Services Authority to assist inquiries into alleged malpractice in London's financial markets, including possible manipulation associated with LIBOR. The available reference describes regulatory assistance and investigation, but does not provide evidence of a final finding that TP ICAP itself committed misconduct.