Euribor Rigger Banned by FCA
Posted by Colin Lambert. Last updated: November 2, 2021
The UK’s Financial Conduct Authority (FCA) has formally banned former Barclays banker Colin Bermingham for life over his conduct in rigging Euribor rates.
Bermingham and his colleague Carlo Palombo lost their appeal against a five- and four-year jail sentence respectively in December 2020, and now the FCA has deemed that Bermingham, who is already at the UK’s retirement age, is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.
“His conviction demonstrates clear and serious dishonesty and a lack of integrity such that he is not fit and proper to perform functions in relation to regulated activities,” the FCA says in its notice.
Bermingham agreed to settle the matter, the FCA adds.