The Federal Reserve Board is planning to impose a $487,500 fine on Peter Little, former head of Barclays Bank Plc's foreign exchange spot desk in New York.

The Fed is also seeking to ban Little permanently from employment in the banking industry.

Little is alleged to have been involved in the manipulation of forex pricing benchmarks, through electronic chats with traders from competitor banks. He is also accused of failing to adequately supervise his subordinates, who were also allegedly involved in benchmark-rigging.

Barclays Bank Plc is a unit of Barclays Plc, which in May 2015 agreed to pay £1.53 billion in penalties to U.S. and U.K. regulators to settle investigations into its forex practices.