FCA says that fines are not enough to tackle rule breaking

Speaking at a ThomsonReuters event, Tracey McDermott, director of enforcement at the Financial Conduct Authority (FCA), told delegates that the FCA would pursue relentlessly individuals who break rules such as rigging Libor interest rates.

We are serious about holding individuals to account. Many question if we have the ability to see this through ... we mean business and we are able to follow through.

Fines alone are not enough. We have to do something different. Senior managers must be held to account.