The U.K. Financial Conduct Authority (FCA) is seeking to ban yet another trader over his role in the LIBOR manipulation scandal.
Arif Hussein, a formerly derivatives trader at UBS in London, “is not a fit and proper person”, the FCA says in a decision published Thursday, and the regulator has decided to prohibit him from any role in regulated financial services.
Hussein is disputing the FCA’s decision, and will appeal the ruling to the Upper Tribunal, which can either dismiss the application, or overturn the regulator’s decision and direct it to reconsider.
The FCA says that when Hussein traded interest rate derivatives at UBS he tried to influence the firm’s LIBOR submitters to make submissions that would benefit the firm’s trading positions when setting the critical financial benchmark.
Earlier this week, the FCA permanently banned a former trader with RBS who was on the other side of these conservations — after finding that he allowed his firm’s derivatives traders to influence his LIBOR submissions.