View more on these topics

Former UBS Libor trader appeals FCA ban

FCA logo new 3 620x430

A former UBS derivatives trader will appeal an FCA ban after the regulator concluded he is not a “fit and proper person”.

The FCA wants to prohibit Arif Hussein, former head of UBS’s GBP Rates Desk, from any role in regulated financial services for allowing the bank’s trader submitters to make Libor submissions with the aim of benefiting UBS’s trading positions.

According to the FCA, between 28 January and 19 March 2009 Hussein engaged in 21 communications in which he informed UBS’s GBP trader-submitters of his preferences – or lack of preference – for GBP Libor rates.

Hussein’s preferences were based upon his trading positions, the regulator says.

It says: “During this period such communications were routine and they ended only when Mr Hussein resigned from UBS.

“Mr Hussein closed his mind to the risk that UBS’s GBP trader-submitters would use his preferences to influence the GBP Libor submissions they made on behalf of UBS, with the aim of benefiting his trading positions. In so doing, the FCA found that he acted recklessly and so lacks integrity.”

Hussein disputes the FCA’s decision and has referred the matter to the Upper Tribunal.

Recommended

Technology & Fear

By Ali Unwin, Chief Technology Officer & Manager of the Neptune Global Technology Fund Fear has always been a key ingredient for technological experimentation and adoption, and today is no different. But when and where are these fears justified? asks Ali Unwin, Chief Technology Officer and Manager of the Neptune Global Technology Fund  Click here […]

HMRC takes film scheme battle to Supreme Court

HM Revenue & Customs is to launch a multi-million pound battle in the Supreme Court with a group of film scheme investors. A hearing will open on Wednesday over a £503m deal between an investment group and Walt Disney Pictures. Members of Eclipse 35 paid the sum to acquire the distribution rights on two Disney […]

Health - thumbnail

Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment