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UK regulator fines ED&F Man £17m ($21.4m) for “serious failings” in oversight of cum-ex trading

FCA building
Photo: FCA

Jean Hurley

2 min read
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Largest fine ever imposed on a UK financial institution for cum-ex trading sends clear message.

The UK FCA has fined ED&F Man Capital Markets Ltd (MCM) £17.2m ($21.4m) for serious failings which enabled millions in illegitimate tax reclaims.

Cum-ex trading is a complex tax avoidance scheme that involves selling and buying shares just before and after a dividend is paid. This allows investors

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