The Financial Conduct Authority (FCA) has fined ICAP Europe Limited (IEL) £14 million for misconduct relating to the London Interbank Offered Rate (LIBOR). IEL is the first broking firm to be fined for failings relating to the benchmark. Its misconduct breached the FCA’s Principles for Businesses over a number a years and included collusion between IEL brokers with UBS traders to manipulate the JPY LIBOR rates for the benefit of the traders.