The UK Financial Conduct Authority has banned Lee Stewart, a former trader for Dutch firm Rabobank, after he pleaded guilty in the United States to fraud after attempting to rig the Libor interest rate benchmark.

Stewart will face sentencing in the US in 2017. He is the second Rabobank trader to be barred from the UK financial services industry, after the FCA decided to ban Paul Robson following a similar conviction in the US over influencing Rabobank's yen Libor submissions.