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FCA issues four warning notices over rate fixing

The FCA has published warning notices against four bankers for interest rate fixing.

The regulator says the individuals, who remain anonymous, have committed “serious failings”.

One notice says that over a period of three and a half years, an individual made interest rate benchmark submissions which took into account requests made by traders to benefit their positions, and colluded with an interdealer broker in an attempt to influence the rate submissions of other banks.

Another notice says a trader “dishonestly” attempted to interfere with the rate benchmark submissions of the bank, and at other banks, to benefit trading positions.

The individuals have the right to make representations to the FCA’s regulatory decisions committee, which will decide whether to issue decision notices against them.

Last week, Lloyds Banking Group was fined £105m by the FCA for trying to manipulate Libor and the amount it had to pay to the Bank of England to access the Special Liquidity Scheme. The bank has suspended seven employees for their role in the failings.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. So an individual mugs an old lady in the street and would not only serve a prison sentence but would also probably have their name splashed across the press.

    A banker robs millions from innocent hardworking individuals from manipulating interest rates, serves NO PRISON SENTENCE and is allowed to remain ANONYMOUS?

    The FCA calls that justice? I and many others would call that a disgrace and the old boys network is still at large!

  2. Gypsum Fantastic 8th August 2014 at 12:34 pm

    I think these bankers should be fed to the poor

  3. @Peter – Whilst I agree with your sentiment, it appears from the article, that due process is still being served and they may still be named yet (I hope), as the article says ” The individuals have the right to make representations to the FCA’s regulatory decisions committee, which will decide whether to issue decision notices against them”.

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