Judges have questioned the FCA over why it chose to pursue a junior trader rather than going after more senior staff in its Libor-rigging probe.
An Upper Tribunal ruling yesterday poses challenges over former UBS trader Arif Hussein’s pursuit by the regulator.
The ruling describes Hussein as “relatively junior” and says he only took part in a “limited number of chats” linked with exchange rate rigging, according to the Times.
The FCA was right in its decision to ban Hussein, the Upper Tribunal finds, but raised questions about the lack of focus on those staff higher up the chain.
Legal representatives of the FCA had argued that there was a lack of direct evidence against more senior staff.
Benjamin Strong QC had told the court that: “As is the way of these things, the senior people somehow manage to keep their fingerprints off the relevant documents sometimes.”
However, the tribunal judges said they hoped certain “troubling” aspects of Hussein’s case were “not a true reflection of the authority’s attitude to pursuing senior management either in this jurisdiction or elsewhere when it is necessary to do so”.