The Financial Conduct Authority (FCA) has fined Martin Brokers (Martins) £630,000 for misconduct relating to the London Interbank Offered Rate (LIBOR).
Martins would have been fined £3.6m but for the fact that the firm was able to show that it could not pay a penalty of this amount in addition to the other regulatory fines that Martins faces in relation to LIBOR. Martins is the second inter-dealer broker and the sixth firm overall, to be fined by the FCA for LIBOR-related failures. FCA director of enforcement and financial crime Tracey McDermott said: "Interdealer brokers are expected to act as trusted intermediaries and are key conduits of market information. "Martins abused this position of trust by providing false information t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
