Financial Conduct Authority Issues First Warning Notice Statements

    View Authors February 2014

    In October 2013, we reported that the Financial Conduct Authority (“FCA”) had confirmed that it was to exercise its new power to publish information about certain Warning Notices in proposed disciplinary action against FCA regulated firms and individuals, to be known as a Warning Notice Statement (“WNS”).

    On 3 February 2014, the FCA issued the first WNSs in respect of two individuals in the banking industry allegedly involved in LIBOR rate fixing.

    The relevant Warning Notices were given by the FCA to two individuals on 28 November 2013, notifying the individuals that the FCA proposed to take disciplinary action in respect of the conduct that was summarised in the WNS.