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TP Icap pays £15m to settle long-running FCA investigation

Financial regulator says ‘lavish entertainment and a lack of effective controls’ led to improper trading

Interdealer broker TP Icap has been fined £15.4m for lax controls that enabled “improper trading” at the old Tullett Prebon business in the years after the financial crisis.

In a statement issued on Friday morning, the Financial Conduct Authority said Tullett Prebon failed to conduct its business with due skill, care and diligence.

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