FCA hands out biggest cum-ex trading fine as investigations continue into other firms

By Neasa MacErlean

The FCA has given its third and largest fine sofar relating to cum-ex trading — with more investigations of otherorganisations ongoing. In this case, the £2 million penalty fixed on the TJMPartnership Limited relates to a lack of procedures, systems and controls whencarrying out transactions for clients that were “highly suggestive of financialcrime”.