Regulation  

Two more bankers served Libor warning notices

The Financial Conduct Authority has served warning notices to two individuals in connection to manipulating the London inter-bank offered rate.

The unnamed individuals were served warning notices on 16 January proposing to take action after they were “knowingly concerned” in the breaking of rules surrounding Libor.

Specifically, both individuals listened to requests from traders when determining Libor submissions which would benefit the traders’ positions, in the knowledge that it was improper to do so.

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According to the regulator, they also condoned similar actions in colleagues.

These represent the fourth and fifth warning notices published by the FCA, all of which were in relation to the Libor rigging probe but none of which named either the individuals or the bank involved.

The first two warning notices issued to bankers by the FCA were published on 3 February, and a third was published later that month (27 February).

In October 2013, the regulator said it would publish certain warning notices without naming the firm involved where there is a public interest in highlighting the issue, but where ‘naming and shaming’ would be considered unfair.

The Serious Fraud Office confirmed to FTAdviser sister publication Financial Adviser that it was set to prosecute an estimated three to six individuals for Libor rigging.

A week later, the SFO began criminal proceedings against three former Barclays Bank employees.