The Financial Conduct Authority today fined a former Royal Bank of Scotland trader £250,000 for manipulating the Libor rate and banned him from working in the UK's financial markets, five years after fining the bank £87.5m for its role in the scandal.

Ex-RBS interest rate derivatives trader Neil Danziger, who dealt in products based on Japanese yen Libor, was "knowingly concerned" in his employer's failure to observe proper standards of market conduct, the FCA said in a statement today.