Financial Conduct Authority
FCA bans former Rabobank trader, Paul Robson, following LIBOR fraud conviction
The Financial Conduct Authority (FCA) has banned Paul Robson, a former trader at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) from the UK financial services industry for lacking honesty and integrity following a criminal conviction for fraud in the US. In 2014 Mr Robson pleaded guilty in the US for his role in a conspiracy to manipulate Rabobank’s Yen LIBOR submissions to benefit trading positions.
This is the FCA’s first public action against a trader for manipulating LIBOR submissions, and follows recent fines and bans for two senior executives for LIBOR compliance failures. To date the FCA has issued 14 warning notices relating to interest rate benchmarks, and continues wider investigations into individuals’ conduct in relation to LIBOR misconduct.
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said:
"No excuse can be made for Mr Robson’s behaviour, which was particularly serious. He was the primary submitter of Yen LIBOR at Rabobank for a number of years and experienced in the market. He knew what he was doing was wrong. This ban reinforces our expectation that individuals and firms take responsibility for ensuring market integrity and reminds them of the consequences if they fall short of our standards."
The FCA issued Mr Robson with a Warning Notice on 28 November 2013, but proceedings were stayed due to ongoing criminal investigations. Yesterday’s ban come’s ahead of sentencing in the US in 2017 and reflects the FCA’s commitment to protect the integrity of the UK financial system.
Notes to editors
- The Final Notice for Paul Robson.
- Further information on Robson’s US conviction and enforcement action taken against former senior executives of Martin Brokers in relation to LIBOR.
- The FCA has imposed 7 fines, totalling £531.6 million, on firms for misconduct relating to LIBOR; 14 warning notices have been issued to individuals for misconduct relating to interest rate benchmarks.
- On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
Latest News from
Financial Conduct Authority
Greater support for people’s financial decisions, under regulator and government proposals08/12/2023 13:10:00
More people could access advice or support to help make their money work harder under proposals set out today by the Financial Conduct Authority (FCA) and the Government. The potential options aim to help more people benefit from investment opportunities, provide for later life, save for major expenses or tidy up their finances.
FCA sets out new rules to maintain access to cash in increasingly digital world07/12/2023 15:05:00
The FCA has proposed new rules to maintain reasonable access to cash for personal and business customers across the UK. This follows new powers granted to the FCA by the Financial Services and Markets Act 2023.
Scammers looking to exploit financial stress at Christmas, FCA warns06/12/2023 14:05:00
The FCA is warning of the risk of loan fee fraud as almost two-thirds of parents feel pressured to spend above their means at Christmas.
Financial watchdog sets out credit information market improvements06/12/2023 10:25:00
People will find their credit files better reflect their financial circumstances, under proposals announced by the Financial Conduct Authority (FCA).
FCA fines three money transfer firms for breaking competition law01/12/2023 09:20:00
The Financial Conduct Authority (FCA) has imposed fines on three money transfer firms after they admitted to fixing prices charged to consumers in Glasgow.
Personal investment firms that give bad advice to hold capital for redress30/11/2023 14:10:00
The FCA yesterday announced proposals to require personal investment firms to set aside capital so that they can cover compensation costs and ensuring the polluter pays when consumers are harmed.
Sustainability disclosure and labelling regime confirmed by the FCA30/11/2023 10:20:00
The FCA has confirmed a substantial package of measures to improve the trust and transparency of sustainable investment products and minimise greenwashing.
FCA bans Nigel Lewis and Susan Jones for incompetent British Steel Pension Scheme advice28/11/2023 10:25:00
The Financial Conduct Authority (FCA) has banned Nigel Lewis and Susan Jones of West Wales Financial Services Limited (in liquidation) (WWFS) from advising customers on pension transfers and pension opt outs. Mr Lewis has also been banned from holding any senior management functions in a regulated firm.