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FCA issues third banker warning notice

The FCA has issued its third warning notice against a banker since it was given the power to do so.

In a notice published today, the FCA says the individual, who has not been named, worked at a bank and was involved in significant failings in relation to Libor over a period of two years.

It says the individual took into account the positions on the trading book for which he or she was responsible when making interest rate benchmark submissions, and made requests to the bank’s interest rate benchmark submitters in an attempt to influence their rate submissions.

In addition, the individual colluded with a trader at another bank, by making interest rate benchmark submissions which took into account requests made by him.

Earlier this month, the regulator published warning notices against two bankers for Libor manipulation.

The FCA was given the power to publish early warning notices by the Financial Services Act 2012, with the aim of promoting early transparency of enforcement proceedings.

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