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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 significant compliance and cultural failings related to the manipulation of the London Interbank Offered Rate (LIBOR). This follows a previous fine of £630,000 against Martins in 2014 for similar misconduct.

Specific Failings:

Key Takeaways for Other Firms:

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

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