FCA fines UK arm of Interactive Brokers £1m for failing to report suspicious trades

Over one year period

Tom Eckett
clock • 1 min read

The Financial Conduct Authority (FCA) has fined the UK arm of Interactive Brokers (IBUK) over £1m for failing to identify and report suspicious trades during a one-year period.

Between February 2014 and February 2015, the FCA found "serious and systemic weaknesses" within the firm's post-trade monitoring systems meaning it was prone to not submitting suspicious transaction reports (STRs). The firm outsourced its post-trade monitoring to another company within the Interactive Brokers Group in the US but failed to adequtely train staff or ensure potential market abuse from clients would be highlighted and did not provide oversight of the US team's conduct when these reports were produced. FCA fines Merrill Lynch £34.5m for failing to report transactions Pri...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

Trustpilot