The Financial Conduct Authority (FCA) has banned ex-Rabobank trader Paul Robson from the financial services industry for "lacking honesty and integrity".
Last year, Robson pleaded guilty to being involved in the conspiracy to manipulate his company's Yen Libor submissions. The ruling marks the first time the FCA has taken public action against a trader for manipulating Libor submissions.
Robson will receive his sentence in the US in 2017. The regulator continues to conduct investigations into individuals' conduct during the Libor scandal. Georgina Philippou, acting director of enforcement and market oversight at the FCA, said:
No excuse can be made for Mr Robson’s behaviour, which was particularly serious. He was the primary submitter of Yen LIBOR at Rabobank for a number of years and experienced in the market. He knew what he was doing was wrong.
This ban reinforces our expectation that individuals and firms take responsibility for ensuring market integrity and reminds them of the consequences if they fall short of our standards.
The FCA has imposed fines of £426m on firms for misconduct over Libor. So far, 14 warning notices have been issued over interest rate benchmarks. Following a host of scandals in the financial services industry, the FCA announced yesterday that senior bankers could be put in prison for up to seven years.