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UK watchdog bans former RBS trader over Libor misconduct
[LONDON] Britain's Financial Conduct Authority said it has banned former Royal Bank of Scotland trader Paul White from working in financial services over his conduct in submitting quotes for compiling the Libor interest rate benchmark.
The FCA said between 8 March 2007 and 24 November 2010, Mr White was the primary submitter of yen and Swiss franc Libor quotes for RBS. "By allowing his submissions to be set, in effect, by those with collateral financial interests in the outcome, Mr White recklessly disregarded the risk - the obvious risk - that his Libor submission might corrupt Libor's integrity," FCA director of enforcement, Mark Steward, said in a statement.
Mr White was fired by RBS for misconduct over Libor in late 2011, Reuters reported in 2012. "This ban should reinforce the message that working in financial markets entails obligations and responsibilities and that serious failures will result in substantial penalties including fines and prohibitions," the statement said.
The FCA said it would have fined White 250,000 pounds (S$480,629) were it not for his "serious financial hardship".
Mr White could not immediately be reached for comment.