UK bans first trader over Libor rigging

London - A former trader at Dutch lender Rabobank has become the first to be banned from Britain's financial services industry for Libor interest rate rigging after he was convicted in the United States.

The Financial Conduct Authority (FCA) said on Tuesday that Paul Robson, a Briton who last year pleaded guilty to being part of a scheme to manipulate Rabobank's yen-denominated Libor rates, lacked honesty and integrity.

Libor (London interbank offered rate) is a benchmark which underpins around $450trn of financial products from mortgages to student loans worldwide.