View more on these topics

FCA looks to ban Libor trader for rate rigging

The FCA has sought to ban former Libor trader Tom Hayes over rate rigging.

The former UBS and Citigroup trader was jailed for 11 years in 2015 for rigging the Libor rate.

The FCA said yesterday it had decided to prohibit Hayes from “any regulated activity”, as it did not see him a “fit and proper person as a result of his conviction for conspiracy to defraud in relation to the manipulation of Yen Libor”.

The ban has been delayed for now after Hayes asked the Upper Tribunal to give the Criminal Cases Review Commission time to assess his case.

The FCA said: “Mr Hayes has referred the FCA’s decision to the Upper Tribunal. Therefore, the decision has not taken effect pending the determination by the tribunal.”

In response to the announcement, Hayes said: “I welcome this decision.,I can now concentrate fully on the Criminal Cases Review Commission’s investigation into my conviction and support it in any way I can.

“I’m pleased that the FCA has accepted my CCRC application is substantive and expects it to be considered seriously. I continue to maintain my innocence.

“There is a huge amount of new evidence available and I will fight my conviction until the truth comes out.”


Standard Life changes default pension fund for a million customers

Standard Life is changing the investment strategy of its default pension fund which would affect more than a million existing customers. Standard Life customers who are invested in older lifestyle profiles which were created pre-auto enrolment and pensions reform will soon be informed of the changes in the asset allocation of their default funds. The […]


LV= backs robo-advice to boost pension profits

LV=’s life and pensions business has reported an 18 per cent increase in profit as the insurer points to an increasing focus on costs and digital advice. In results for the first six months of the year released today, LV= lauded the launch of further digital initiatives like its robo-paraplanner service, as it stood by […]


Two more bankers accused of Libor manipulation

The US Department of Justice has charged two managers at French bank Société Générale for their alleged role in a Libor manipulation scheme. The bank’s global head of treasury Danielle Sindzingre, and Paris head of treasury Muriel Bescond have been charged with one count of conspiracy to transmit false reports impacting commodity market information and […]


Top Baillie Gifford partner warns ETFs are ‘dumb money’

Baillie Gifford partner and fund manager Charles Plowden has condemned exchange traded funds as “dumb money” and warned they are likely to lead to another crash like the one seen in the latest global financial crisis. The manager of one of Baillie Gifford’s flagship funds, the £1.5bn Monks investment trust, compared index funds with the […]

Greg Broomer 2

Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


News and expert analysis straight to your inbox

Sign up


    Leave a comment