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FCA fines and bans former RBS trader

Jaclyn Jaeger | January 9, 2018

The Financial Conduct Authority imposed a financial penalty of £250,000 on former Royal Bank of Scotland interest rate derivatives trader, Neil Danziger, and prohibited him from performing any function in relation to any regulated financial activity.

Danziger formerly worked at RBS trading products referenced to Japanese Yen (JPY) LIBOR. Additionally, on occasion he made RBS’s JPY LIBOR submissions to the British Bankers Association when RBS’s primary submitters were not available. The FCA found that Danziger was knowingly concerned in RBS’s failure to observe proper standards of market conduct and has determined that he is not a fit and proper person because he acted recklessly and lacks integrity.

Specifically, the FCA found that between 14 February 2007 and 22 November 2010, Danziger:

  • Routinely made requests to RBS’s primary submitters, intending...
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