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UK FCA bans former RBS trader over LIBOR misconduct

The U.K. Financial Conduct Authority said April 12 that itbanned former Royal Bank ofScotland Group Plc trader Paul White from engaging in any functionrelated to regulated financial activity, while censoring him for his misconductover LIBOR.

Mark Steward, the FCA's director of enforcement and marketoversight, said White, who was the primary submitter of yen and Swiss francLIBOR quotes for RBS between March 8, 2007, and Nov. 24, 2010, "had anobligation to ensure the submissions he made were proper ones. By allowing hissubmissions to be set, in effect, by those with collateral financial interestsin the outcome, Mr. White recklessly disregarded the risk — the obvious risk —that his LIBOR submission might corrupt LIBOR's integrity."

The FCA added that it would have fined White £250,000"were it not for his serious financial hardship."

White was reported in March 2012 to have been fired by RBS as partof its internal probe into LIBOR manipulation.