Warning Notice Statement 14/5 indicates that an individual at a bank received a FCA warning notice because the FCA considers that the trader was knowingly concerned in the bank’s contravention of Principle 5 (Market Conduct) for significant failings in relation to an interbank interest rate benchmark.

The FCA considers the individual took into account requests made by traders to benefit their positions when determining the interbank interest rate benchmark submissions, knowing that it was improper to do so. The FCA also considered that the individual condoned the actions of other employees in receiving requests made by traders to benefit their trading positions.

View Warning notice statement 14/5, 16 January 2014