FCA looks to ban Libor trader for rate rigging

The FCA has sought to ban former Libor trader Tom Hayes over rate rigging.

The former UBS and Citigroup trader was jailed for 11 years in 2015 for rigging the Libor rate.

The FCA said yesterday it had decided to prohibit Hayes from “any regulated activity”, as it did not see him a “fit and proper person as a result of his conviction for conspiracy to defraud in relation to the manipulation of Yen Libor”.

The ban has been delayed for now after Hayes asked the Upper Tribunal to give the Criminal Cases Review Commission time to assess his case.

The FCA said: “Mr Hayes has referred the FCA’s decision to the Upper Tribunal. Therefore, the decision has not taken effect pending the determination by the tribunal.”

In response to the announcement, Hayes said: “I welcome this decision.,I can now concentrate fully on the Criminal Cases Review Commission’s investigation into my conviction and support it in any way I can.

“I’m pleased that the FCA has accepted my CCRC application is substantive and expects it to be considered seriously. I continue to maintain my innocence.

“There is a huge amount of new evidence available and I will fight my conviction until the truth comes out.”