The FCA has fined inter-dealer broker Tullett Prebon for breaches of Principle 2 (acting with due skill care and diligence), Principle 3 (effective organisation and controls) and Principle 11 (open and co-operative dealings with the regulator) of the FCA Principles for Businesses. Whilst not the focus of this article, the broker misconduct at Tullett primarily took the form of transactions or transaction structures (such as "wash trades") designed solely to generate brokerage, sometimes in return for entertainment or even promised assistance in the manipulation of LIBOR.