The criminal probe by the UK’s Serious Fraud Office (SFO) into former traders at Royal Bank of Scotland (RBS) over the Libor rigging case is expected to last until 2015, breaking the lender’s hope to emerge from its black past.
People familiar with the situation were quoted by The Financial Times as saying that the SFO has written to the financial regulator requesting the agency to defer the publication of civil findings against at least two RBS traders.
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It is believed that the SFO, which initiated a criminal investigation two years ago into whether the key London interbank offered rate benchmark was fixed, is still pondering whether to charge the individuals involved. Any Financial Conduct Authority (FCA) disclosure may be considered improper if there was to be a jury trial.
The Financial Conduct Authority, which is carrying out its own parallel probe into alleged Libor-rigging wanted to fine at least one of the traders £1m.
RBS signed £390m settlement with the FCA and US authorities in February 2013 to resolve allegations that it attempted to fix the Libor. In addition, the bank was slapped a penalty of $531m in December to settle an investigation by the European Commission.
The SFO has formed separate teams working on different banks and currency benchmarks and has charged 12 people. The first defendant is set to face a jury trial in January.
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