UK regulator plans to ban former Libor trader Tom Hayes

LONDON (Reuters) – Britain’s markets regulator said on Wednesday it plans to ban convicted former Libor trader Tom Hayes from the financial services industry because he is not a “fit and proper person”.

The Financial Conduct Authority (FCA) said Hayes, who has been sentenced to 11 years in jail for interest rate benchmark manipulation, disputes the decision and is appealling it.

Hayes had applied to prevent the planned ban to be published because he has referred his conviction to the Criminal Cases Review Commission (CCRC), which examines miscarriages of justice.

The FCA said the Upper Tribunal, which reviews FCA decisions, will examine the proposed ban after Hayes’ case has gone through the CCRC. In the meantime the ban is not formally in effect.

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