Siobhain was asked to comment on the FCA’s proposed fine against former Deutsche trader, Christian Bittar:

This isn’t surprising because the FCA has said it will look to increase fines against individuals. The FCA has to get the message out that it is on a par with the US when it comes to enforcement. Although this would be particularly high, it has reported, Bittar only attempted to manipulate Euribor. If that is the case it would also make it harder for the SFO to open a criminal investigation. I wouldn’t dismiss the possibility of the FCA looking into Deutsche Bank because ultimately the FCA will be interested in what the bank’s compliance team was doing when all this was happening.

The focus on the individual here could be explained by the FCA’s policy of maintaining consistency with other agencies from around the world. Mary Jo White said the SEC is focusing on penalising individuals and the FCA will want to follow their lead.