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Libor rigging trader Tom Hayes wins battle to delay FCA ban

Hayes has won a legal fight to have the Financial Conduct Authority’s move postponed while he appeals against his conviction.

A decision by Britain’s financial watchdog to ban former City trader Tom Hayes from working in the UK finance industry has been delayed.

Hayes, who was jailed for 11 years for rigging the Libor rate, has won a legal fight to have the Financial Conduct Authority’s (FCA) move postponed while he appeals against his conviction.

The Upper Tribunal ruled the FCA’s decision notice must be halted while the Criminal Cases Review Commission (CCRC) assesses his case.

In a statement, the watchdog said: “The FCA has decided to prohibit Tom Hayes from performing any function in relation to any regulated activity in the financial services industry.

“The FCA considers that Mr Hayes is not a fit and proper person as a result of his conviction for conspiracy to defraud in relation to the manipulation of Yen Libor.

“Mr Hayes has referred the FCA’s decision to the Upper Tribunal. Therefore, the decision has not taken effect pending the determination by the tribunal.

“Following the referral, the FCA applied to have Mr Hayes’ reference struck out, and Mr Hayes applied to prevent publication of the FCA’s Decision Notice and to delay the hearing of the proceedings on the basis that he has referred his conviction to the Criminal Cases Review Commission (CCRC).

“The tribunal has decided to delay the proceedings pending the CCRC’s decision.”

Hayes was convicted in 2015 of eight counts of conspiracy to defraud while working for UBS and Citigroup.

Responding to the announcement, Hayes said: “I welcome this decision.

“I can now concentrate fully on the Criminal Cases Review Commission’s investigation into my conviction and support it in any way I can.

“I’m pleased that the FCA has accepted my CCRC application is substantive and expects it to be considered seriously. I continue to maintain my innocence.

“There is a huge amount of new evidence available and I will fight my conviction until the truth comes out.”

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