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Release Date: 22nd January 2015

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined and banned two former senior executives of Martin Brokers (UK) Limited (‘Martins’) for compliance and cultural failings related to the manipulation of the London Interbank Offered Rate (LIBOR). This enforcement action follows a 2014 fine of £630,000 against Martins for similar misconduct.

Details of Misconduct:

Key Takeaways for Other Firms:

The FCA’s action against Caplin and Kraft serves as a warning to senior management about the importance of maintaining robust compliance frameworks and an ethical culture within financial firms.

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