The Financial Conduct Authority (FCA) has imposed a ban on former Citigroup and UBS trader Tom Hayes, following his 2015 conviction for conspiracy to defraud in relation to the manipulation of Yen Libor.
Hayes, who is currently serving an 11 year prison sentence, has appealed the ban in the Upper Tribunal of the Royal Courts of Justice and also sought to prevent the regulator's publication of its decision to ban him. BoE: Continued Libor use is a threat to financial system The FCA said in a statement its decision to prohibit Hayes from performing any function in relation to any regulated activity in the financial services industry and that it considers him "not a fit and proper person" as a result of his conviction. The regulator is also appealing to the Upper Tribunal to have Haye...
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