Warning Notice Statement 14/3 indicates that an employee at a bank has received an FCA warning notice because the FCA considers that the employee was knowingly concerned in the bank’s contravention of Principle 5 (Market Conduct) for significant failings in relation to an interest rate benchmark over a period of nearly two years.

The FCA considers that the employee took into account the position of the trading book for which the employee was responsible when making interest rate benchmark submissions and made requests to the submitters in an attempt to influence their interest rate benchmark submissions. The FCA also considers that the employee colluded with a trader at another bank by making submissions which took into account the requests made by him.

View Warning notice statement 14/3, 21 January 2014