Unchallenged 'expert' opinions led to £17m cum-ex trading fine for ED&F Man Capital Markets

ED&F Man Capital Markets - a global financial brokerage firm that was acquired by Marex in the second half of last year - has been fined £17.2 million by the FCA for participating in a notorious tax fraud strategy.

By Neasa MacErlean

The fine is the fourth and largest so far to be meted out by the regulator to brokers for cum-ex trading, which results in clients making illegitimate reclaims of withholding tax. Other potential cases are still under investigation.