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Compliance team had minimal role in broker firm fined £3.4m over fictitious trades

Compliance Monitor

Compliance team had minimal role in broker firm fined £3.4m over fictitious trades

Cityof London forex broker TFS-ICAP have been fined £3.44m by the FCA for givingfictitious information to clients on the price of quantity of trades — apractice known as ‘printing’. The practice took place openly in theiroffices over the seven years to 2015, with the knowledge of some desk heads whohad themselves printed trades. Lack of activity by the Compliance function wasa major contributory factor.

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