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City broker set for FCA Libor fine

Interdealer broker RP Martin is facing an FCA fine over involvement in the Libor rigging scandal. 

Sky News reports the fine is expected to be less than £1m because a larger fine would have put the firm out of business, and because it co-operated in the regulator’s investigation.

Global regulators have handed out a range of fines over Libor manipulation. In December the EU Commission fined six banks a total of £1.4bn, and Dutch firm Rabobank was fined a total of £662m in October by authorities in the UK, Netherlands and US.

RBS was hit with a £390m fine relating to Libor in February last year.

The Serious Fraud Office launched criminal proceedings against three former Barclays employees in April, and charged another three Barclays employees in February.

RP Martin and the FCA declined to comment. 

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