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The foreign-exchange trading venue qualified for a discount on the original fine of £4.92 million because it cooperated, the FCA said. (iStock)

​​​​​​​FCA Fines UK Forex Broker £3.4M Over Bogus Trades

The Financial Conduct Authority said on Monday that is has imposed a fine of £3.44 million ($4.58 million) on TFS-ICAP for market misconduct after the electronic trading platform was found to be making up trades.

Top Stories

BofA Exec Sues For 'Intolerable Workload' After Breakdown

A senior Bank of America executive is suing the financial giant for "psychiatric injury," saying he endured an "intolerable workload" for years until he suffered a breakdown.

KPMG Partner Testifies 'Burning' Debt Bankrupted Client

British bed manufacturer Silentnight faced a "burning platform" of debt and pension liabilities in the year before it entered administration, a KPMG partner accused of helping a U.S. private equity firm force the company into insolvency told a London tribunal Monday.

Investment Co. Owes Sotheby In $11M Disputed Painting Row

An appeals court ruled on Monday that an investment company had shared liability with an art dealer for the $10.75 million sale by Sotheby's of a painting purportedly by the Dutch painter Frans Hals, a deal that was later rescinded amid questions about the authenticity of the work.

Aviva To Sell Italian Business To UBI Banca For €400M

Aviva said Monday it will sell its majority stake in the Italian life insurance company Aviva Vita for €400 million ($476 million), as the British giant seeks to reshape its international business.

FCA Says Undisclosed Info Won't Upend Insider Dealing Case

A British prosecutor told an appeals court Friday that undisclosed information linking associates of a man convicted of insider dealing to an inside source at Citibank doesn't surmount evidence that he got confidential deal information from a friend who was a UBS compliance officer.

'Absurd' To Suggest Assange Extradition Is Political, US Says

The U.S. government called claims Julian Assange is being prosecuted for his political opinions "absurd," saying in court documents filed Friday in London that the WikiLeaks founder is wanted in the U.S. to face trial because he has "committed serious criminal offenses."

Insurers Win Challenge To Asbestos Compensation Rules

A London judge on Friday sided with Aviva and Swiss Re in their challenge to an "unintended but increasingly onerous" law that forces insurers liable for asbestos-related diseases to pay the government far more money than the harm actually caused by their policyholders.

HMRC Wins Redo In Foreign Unit Dividend Fight At Top Court

HM Revenue & Customs scored a win Friday in long-running litigation brought by multinationals claiming they were illegally overtaxed on dividends, after the U.K.'s highest court ruled that the lower courts used the wrong test to assess which claims were filed too late.

Lloyds Bank Must Plug Ex-Employees' Pension Shortfalls

Trustees for Lloyds Bank's pension scheme must plug historic shortfalls in the retirement pots of employees who swapped providers, a judge said on Friday in a landmark ruling expected to add to the massive review of gender discrimination in British pensions.

3 EU States Push To Ready A No-Deal Brexit As Talks Stall

European Union post-Brexit trade talks with the U.K. remained stuck over crucial questions such as competition and dispute resolution on Friday, as France, Belgium and The Netherlands pressed to step up EU preparations for a disruptive no-deal departure by Britain.

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