Tullett Prebon receives £15.4m fine and strident criticism of Compliance and Legal roles

By NeasaMacErlean

The compliance department in Tullett Prebon has been slated by the regulator for its part in failings under Principles 2, 3 and 11, for which the inter-broker dealer has been fined £15.4 million. Senior management and Compliance were “cocooned from seeing the misconduct”, says the Financial Conduct Authority, and also failed to probe “when warning signs were visible”. On top of this, Compliance did not follow up on a request from the FCA to get audio tapes of broker conversations in the Rates Division (the department under investigation), meaning that “enquiries into potential broker misconduct continued for two and a half years without the benefit of highly relevant material”.