City regulators have been forced to reduce a £3.6m fine for rigging Liborimposed on City broking house RP Martin because the broker said it faced collapse if it had to pay the full sum demanded.
The Financial Conduct Authority – levying its sixth penalty for rigging the benchmark interest rate – reduced the fine to £900,000 and then applied a further discount to reward the firm’s co-operation, taking the amount finally demanded to just £630,000. The broker is also being given three years to hand over the cash.
Almost two years after its first Libor fine on Barclays in June 2012, the FCA cut its penalty after taking into account a $1.2m (£700,000) fine levied by the US regulator the Commodity Futures Trading Commission on the broking house.
Source: theguardian