Bankers in firing line as FCA issues first warning notices

The Financial Conduct Authority (FCA) has warned a bank manager that it intends to take action against him for failings in relation to an interest rate benchmark.

In its first two warning notices published today the regulator told the bank manager and another bank employee that it may take action against them for violating principles governing interest benchmark settings at banks.  It alleged that the bank manager condoned traders and submitters manipulating benchmark submissions under his watch, while the submitter allegedly colluded with others to rig the benchmark in their favour. The FCA announced in October that it intended to make warning notices public as part of its new transparency policy. It also has the power to name and shame fir...