Watchdog’s first Libor warning to bankers

The Financial Conduct Authority (FCA) did not name the people, stating only that it gave a warning notice to a submitter of benchmark interest rates for failings over a period of more than two years, and another warning to a manager at a bank for failings over more than three years.

The warnings, issued in November but only published yesterday, relate to the London Interbank Offered Rate or Libor and its continental European counterpart Euribor. A number of banks have been fined £3.6bn by European, British and US regulators for manipulating Libor and Euribor, which are used to price around $400 trillion worth of products worldwide.

The rates are compiled by banks submitting quotes of rates they believe they could borrow money at from another bank.