FCA has published its Decision Notice concerning a former derivatives trader at UBS, Arif Hussein, banning him from performing any significant influence function relating to any regulated activity due to not being a fit and proper person. FCA said that, when trading interest rate derivative products referenced to benchmarks in his role as Head of UBS’s GBP Rates Desk, Mr Hussein made several communications informing UBS’s GBP Trader-Submitters of his preferences for GBP LIBOR rates based upon his trading positions. In doing so, FCA says he acted recklessly to the risk that these preferences would be used to influence the GBP LIBOR submissions that Trader-Submitters made on behalf of UBS. Mr Hussein has referred the matter to the Upper Tribunal. (Source: FCA makes decision against former UBS LIBOR trader Hussein)