Warning Notice Statement 14/7 indicates that a trader at a bank has received an FCA warning notice because the FCA considers the individual to have been knowingly concerned in the contravention of Principles 3 (Management and Control) and 5 (Market Control) by the bank for significant failings in relation to an interest rate benchmark over a period of almost three years. The FCA considers that the individual:
(i) made requests to submitters to manipulate benchmark submissions;
(ii) was personally aware of and condoned this behaviour in others;
(iii) failed to manage appropriately his business area, in addition facilitating others’ attempts to manipulate benchmark submissions; and
(iv) failed to take steps to rectify inadequacies in the bank’s systems, controls and policies, despite having clear opportunities to do so.
View Warning notice statement 14/7 – Individual, 27 March 2014