U.K. regulators may issue the first penalties against individuals in their probe of Libor manipulation as soon as next month, three people with knowledge of the case said.
Bloomberg reports that the Financial Conduct Authority sent notices to traders in the past two months outlining their findings, according to the people, who asked not to be named because the case is private.
The FCA is in discussions with some of the traders over proposed penalties, including fines of more than $160,000, one of the people said.
The targets have one month to respond to the claims, two of the people said. The agency plans to levy civil fines early next year, though some may be delayed if the people contest the penalties or the findings, known as preliminary investigation reports.
'Individuals may be more inclined to fight these fines if they risk losing approved-person status because of the implications on their future job prospects', said Peter Lodder, a senior trial lawyer.
More than a half dozen finance firms, including Barclays and UBS, have been fined a total of about $6bn since June 2012 for manipulating the London interbank offered rate, or Libor, the benchmark interest rate for more than $360tril of securities worldwide.
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