Former RBS and UBS traders slammed in Libor cases

Two ex-traders punished by the FCA following Libor scandal

Lady justice
Cost of rigging: six banks have paid out settlements to regulators totalling about $6.5 billion

In 2012, the industry was hit by scandals involving traders at global banks who tried to manipulate the London Interbank Offered Rate (Libor) during the financial crisis. Since then, six banks have admitted to rigging Libor and have paid out settlements to regulators amounting to about $6.5 billion.

Last week, the Financial Conduct Authority (FCA) banned a former RBS trader from working in the financial industry for submitting false Libor rates to brokers both inside and outside the bank.

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