FCA issues permanent ban to convicted LIBOR manipulator ‘Rainman’ Tom Hayes

Tom Hayes LIBOR

UK financial regulator the Financial Conduct Authority (The FCA) has decided to prohibit Tom Hayes from performing any function in relation to any regulated activity in the financial services industry.

The FCA considers that Mr. Hayes is not a fit and proper person as a result of his conviction for conspiracy to defraud in relation to the manipulation of Yen LIBOR.

Mr. Hayes has referred the FCA’s decision to the Upper Tribunal. Therefore, the decision has not taken effect pending the determination by the Tribunal.

Following the referral, the FCA applied to have Mr. Hayes’ reference struck out and Mr Hayes applied to prevent publication of the FCA’s Decision Notice and to delay the hearing of the proceedings on the basis that he has referred his conviction to the Criminal Cases Review Commission (CCRC).

The Tribunal has decided to delay the proceedings pending the CCRC’s decision.

Former UBS and Citigroup trader ‘Rainman’ Tom Hayes was the first individual to be convicted for the manipulation of LIBOR. Mr. Hayes was convicted of eight counts of conspiracy to defraud in August 2015 and sentenced to 14 years in prison. In December 2015, the sentence was reduced to 11 years on appeal.

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