Libor Trader Faces Ban With FSA’s ‘Weapon of Last Resort’
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London bankers are increasingly being banned for life for breaking market abuse rules by a regulator that is trying to burnish its image as a tougher watchdog.
The number of Financial Services Authority bans peaked in the year ended in April 2011, with 71 people excluded from the banking and mortgage industries. That was up from 56 the previous year while the number declined to 47 in the year ended April 2012, according to the regulator’s annual report published today. The agency banned only four people in 2003.