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

By Neasa MacErlean

City of London forex brokers TFS-ICAP have been fined £3.44 million by the FCA for giving fictitious information to clients on the price or quantity of trades — a practice known as ‘printing’. The practice took place openly in their offices over the seven years to 2015, with the knowledge of some desk heads who had themselves printed trades. Lack of activity by the Compliance function was a major contributing factor.