Economy

Libor rigging trader Tom Hayes wins battle to delay FCA ban

A decision by Britain's financial watchdog to ban corrupt City trader Tom Hayes from working in the United Kingdom finance industry has been delayed.

In a notice from the City regulator, the FCA said it has chose to prohibit Tom Hayes from performing any function in relation to any regulated activity in the financial services industry.

Tom Hayes was told yesterday that the Financial Conduct Authority's ban had been postponed pending the outcome of a review of his case, over concerns that it may present a potential miscarriage of justice. The FCA said on Wednesday the Tribunal would delay a decision until after a CCRC ruling.

The Upper Tribunal ruled the FCA's decision notice must be delayed while the Criminal Cases Review Commission (CCRC) assesses his case.

If the conviction is not upheld, the FCA will need to begin fresh proceedings on different facts if it maintains Hayes is not fit and proper, the Tribunal said.

A scandal emerged following the 2008 financial crisis, when it was revealed employees at a number of banks had been manipulating their rates to boost their institutions' profits or creditworthiness.

"This is the first time that an application for a stay in FCA prohibition proceedings, where an individual has been sentenced for a criminal offence, has been successful", said Hayes' lawyer Sara George, of Stephenson Harwood.

Hayes was convicted in 2015 of eight counts of conspiracy to defraud while working for UBS and Citigroup.

The sentence - one of the longest for white-collar crime in Britain - was reduced to 11 years on appeal.



Like this

Latest


09 November 2017
Two-vehicle collision north of Edmonton leaves one dead
Morinville RCMP and emergency services responded to a crash on Highway 37 on the overpass of Highway 2 at approximately 12:08 p.m. The driver of the truck wasn't injured but the driver of the vehicle and the passenger of the truck were taken to hospital.

09 November 2017
Christopher Plummer to replace Kevin Spacey in Getty film
The move to replace Spacey with Plummer in All the Money In the World is doubly-surprising because it has nearly no precedent. Paul Getty, a real-life oil tycoon who refused to pay the ransom when his grandson John Paul Getty III was kidnapped.

09 November 2017
Endo International plc (NASDAQ:ENDP) Quarterly Sales Review
The company provided EPS guidance of $3.35-3.65 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.52. Oppenheimer Holdings, Inc. reissued a "hold" rating on shares of Endo International PLC in a report on Tuesday, August 8th.

09 November 2017
American candidates targeted by racist flyers win
Bhalla defeated five other candidates, winning 34 percent of the votes, narrowly beating DeFusco by more than 600 votes. The message was next to a photo of Bhalla wearing the turban that is associated with his religious faith.

09 November 2017
Mduduzi Manana to learn his fate
Magistrate Ramsamy Reddy refused the media's application to cover sentencing but said journalists could reapply. Prosecutor Anne-Marie Smith gave the court documentary evidence of Manana's previous convictions.

09 November 2017
Bank of Nova Scotia (The) (BNS) Research Coverage Started at Macquarie
BMO Capital Markets reiterated a "buy" rating on shares of Bank of Nova Scotia in a research report on Wednesday, July 6th. The Firm has its mines located in the United States, Mexico, and Bolivia and exploration projects in Mexico and Argentina.

09 November 2017
Demonetisation is a big scam: Mamata Banerjee
Baanerjee further wrote that, demonetisation was not implemented to "combat black money" but to "convert black money into white". Due to demonetisation, she said, the country has already lost its GDP worth almost Rs 3-lakh crore.

09 November 2017
Texas church shooting: Mental health and gun violence
According to investigators, Kelley sent "threatening texts" to his mother-in-law in the time leading up to the shooting at First Baptist Church, which killed 26 and wounded 20 more.

09 November 2017
Alec Baldwin Claims Melania Trump 'Loves My Impersonation' of the President
Baldwin also went a step further, claiming the first lady told this person "that's exactly what he's like". Nothing to do with me, there's nothing amusing about it.

09 November 2017
NKCAC offers heating bill subsidy
Pender County Department of Social Services is offering Low Income Energy Assistance Program (LIEAP) once again this year. Some of these households also received help to address no-heat crisis situations and fix broken heating systems.



Recommended