February 3, 2014 / 10:13 AM / 4 years ago

UK issues warnings to 2 bankers over rate submissions

LONDON, Feb 3 (Reuters) - Britain’s financial watchdog said it issued its first two warning notices in November to bankers for “significant failings” in relation to benchmark interest rate submissions.

The Financial Conduct Authority (FCA) did not name the people. It said it gave a warning notice to a submitter of benchmark interest rates for failings over a period of more than two years, and another warning to a manager at a bank for failings over more than three years.

It was the first time the FCA has issued a statement outlining warnings it had handed out since it was given the power to do so. The aim is to provide early transparency of enforcement proceedings. (Reporting by Steve Slater and Huw Jones; Editing by Clare Hutchison)

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