On April 14, 2016, the FCA published a decision notice banning Mr. Arif Hussein from the UK financial services industry. The FCA found Mr. Hussein not to be a fit and proper person to carry out the functions of a trader or of any regulated financial activity. The finding was based on the actions of Mr. Hussein during his employment as a derivatives trader at UBS in regard to submissions made to the London Interbank Offered Rate market. LIBOR is a benchmark rate and the FCA views LIBOR as fundamental to the operation of both the UK and international financial markets in interest rate derivatives contracts. Between January 28 and March 19, 2009, Mr. Hussein requested GBP TraderSubmitters to make LIBOR submissions to benefit the Trading Position of UBS. The FCA considered these actions to be reckless. The FCA noted that Mr. Hussein knew that he should not make LIBOR submissions for the benefit of trading-positions. The FCA found that Mr. Hussein’s conduct threatened confidence in the integrity of the UK financial system and could have caused significant hardship to other market participants.
The decision notice is available at: http://www.fca.org.uk/static/documents/decision-notices/arif-hussein.pdf.