The FCA has banned former Rabobank trader Paul Robson from the UK financial services industry after he was convicted for fraud in the US.
Robson pleaded guilty last year for his role in a conspiracy to manipulate Rabobank’s Yen Libor submissions to benefit trading positions. He will be sentenced in 2017.
This is the FCA’s first public action against a trader for manipulating Libor submissions.
FCA acting director of enforcement and market oversight Georgina Philippou says: “No excuse can be made for Mr Robson’s behaviour, which was particularly serious.
“He was the primary submitter of Yen Libor at Rabobank for a number of years and experienced in the market. He knew what he was doing was wrong.
“This ban reinforces our expectation that individuals and firms take responsibility for ensuring market integrity and reminds them of the consequences if they fall short of our standards.”
The FCA issued Robson with a warning notice in November 2013, but proceedings were stayed due to ongoing criminal investigations.