John Phizackerley receives minimum pay out after TP Icap sacking

Former TP Icap chief executive John Phizackerley was given the minimum legal and contractual allowance after he was sacked from the broker last year.

The broker paid £310,000 in lieu of salary over a six month notice period and £11,245 in lieu of contractual benefits after Phizackerley was fired as director of the company in July last year.

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In September, the company also paid out a £90,000 lump sum to compensate for loss of employment and to mitigate against any claims made against the firm.

In a statement Phizackerley told the Financial Times that there is “unfinished business” related to his departure.

Phizackerley was dismissed following a profit warning in the summer that sent shares plummeting by around 30 per cent.

Read more: TP ICap shares sink more than 30 per cent as it parts ways with CEO

Yesterday a row erupted between the broker and Moody’s after the ratings agency downgraded the brokerage giant citing concerns over increased costs, debt levels and capital expenditures.

However, TP Icap said the rating broke the EU Credit Rating Agency rules and Moody’s withdrew its assessment “for its own business reasons”.