Warning Notice Statement 14/2 indicates that a manager at a bank who was responsible for those making interest rate benchmark submissions (the Manager), received an FCA warning notice because the FCA considers that the Manager was knowingly concerned in the bank’s contravention of Principles 3 (Management and Control) and 5 (Market Conduct) for significant failings in relation to an interest rate benchmark over a period of more than three years.

The FCA considers that the Manager knew that submitters for whom the Manager was responsible were taking into account requests from traders to manipulate interest rate benchmark submissions and condoned this. The FCA also considers that the Manager was guilty of management failings, facilitated attempts by others to manipulate submissions and took no steps to address an absence of systems, controls or policies governing submissions or conflicts of interest in submitters also trading products linked to the benchmark.

View Warning Notice Statement 14/2 – individual, 3 February 2014