ICAP Fined £14 Million by FCA

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The FCA has fined broker ICAP Europe Ltd £14 million for misconduct regarding the London Interbank Offered Rate (LIBOR), according to the final notice published by the FCA on September 25.

ICAP was found to be in breach of Principle 3 (management and control) and Principle 5 (market conduct) of the FCA’s Principles for Businesses. According to an FCA press release, ICAP is the first broking firm to be fined for LIBOR-related failings. Final Notice. Press Release.