In September 2013, ICAP was implicated in the global Libor interest rate scandal and fined $87m (£54m) by the US Commodity Futures Trading Commission and Britain's Financial Conduct Authority. In March 2014, British prosecutors filed charges against three former ICAP employees for their role in the affair. They were among a global group of finance professionals to be investigated, including staff from Barclays, UBS, Citigroup and RP Martin. In January 2016 the three ICAP employees were unanimously acquitted in the UK; the US Department of Justice dropped charges against them in July 2016. Spencer was not implicated but issued a public apology on behalf of ICAP.