FCA bans ex-Rabobank trader for LIBOR manipulation

The Financial Conduct Authority (FCA) has banned former Rabobank trader Paul Robson from the UK financial services industry for LIBOR manipulation.

Robson was found guilty by a court in the US of manipulating the bank's yen LIBOR submissions to benefit trading positions. The FCA banned him from the UK financial services industry for "lacking honesty and integrity" in relation to a criminal conviction for fraud in the US. This is the FCA's first public action against a trader for manipulating LIBOR submissions, and follows recent fines and bans for two senior executives for LIBOR compliance failures. So far the FCA has issued 14 warning notices relating to interest rate benchmarks, and continues a wider investigation into LIBOR...