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