Traders facing penalties from British regulators over their involvement in rigging Libor may avoid being fined after the U.K. Financial Conduct Authority missed a deadline to take action, three people with knowledge of the matter said.
Bloomberg News reports that the FCA pulled at least one fine it planned to levy after conceding the three-year statute of limitations for civil enforcement actions had passed, according to one of the people, who spoke on condition of anonymity. At least two more traders are preparing to challenge the penalties they’re facing, saying the regulator missed the deadline, two people said.
The development is a blow to the FCA, whose chief executive officer, Martin Wheatley, has already said the lengthiness of the proceedings is “not a good message.” Since 2012, seven firms have paid the British regulator about $839m over interest-rate rigging.
To access the complete Bloomberg News article hit the link below: