FCA has fined TFS-ICAP Ltd £3.44m for communicating misleading information to clients. It found that over a 7 year period brokers at the firm had “printed” trades – which meant the told clients a trade had occurred at a particular price or quantity when it had not. The purpose was to try to encourage clients to trade when they might not otherwise have done so. FCA found that, additionally, the firm should have seen and reacted to warning signs that this behaviour was taking place. FCA also noted shortcomings in the oversight and compliance procedures that should have detected and countered the practice, and a lack of records.
It found the firm had breached Principles 2, 3 and 5.