U.K. Regulator Fines, Bans Former RBS Trader for Rate Manipulation

By Adam Clark Features Dow Jones Newswires

The U.K.'s financial regulator has fined a former Royal Bank of Scotland Group PLC (RBS.LN) trader 250,000 pounds ($338,250) and banned him from the financial industry for historic interest-rate manipulation.

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The Financial Conduct Authority said Monday that Neil Danziger, a former RBS interest-rate derivatives trader, was knowingly involved in a failure to observe proper standards of market conduct and acted recklessly.

The offenses relate to RBS's submission of interest-rate information to the British Bankers Association between 2007 and 2010, as well as trades made to cover payments to brokers for personal hospitality, said the FCA.

The FCA has previously imposed seven financial penalties totaling GBP426 million on companies for historic interest-rate manipulation, it said. This includes a GBP87.5 million penalty levied on RBS in 2013.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

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January 08, 2018 05:41 ET (10:41 GMT)