Regulation  

Bank employee warned by FCA over ‘collusion’

According to the notice, the unnamed employee is accused of colluding with a trader at another bank to fix the interest rate benchmark, taking into account the bank’s trading position when submitting rates and attempting to influence staff who set the interest rate benchmark within the bank.

The FCA said it proposes to take action against the individual for being knowingly concernced in the contravention of Principle 5 by the bank.

Under the rules governing the FCA’s disclosure of information, the names of individuals given warnings are not disclosed until the final notice is issued.

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The FCA has also issued warnings to consumers over two firms it suspects of providing financial services or products in the UK without its authorisation.

In three separate warning notices, the FCA revealed that three more firms had been targeting consumers in the UK.

In one notice, the regulator said that Sussex-based The Bond Consultants (UK) Ltd was “not authorised by us but has been targeting people in the UK”, while Aixia Limited, trading as either T4X Binary or T4X Signals, has been “providing financial services or products in the UK without our authorisation”.

The third notice from the City watchdog said that it had reason to believe that St Albans-based Maia Wealth, which is not authorised by the FCA, “has been targeting people in the UK.”