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.

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