The FSA could hardly have been more damning in its final notice concerning Libor-related failings by UBS and wrongdoing by the bank’s traders and managers, who had “manipulated [rate] submissions to benefit their own positions, showing total disregard for millions of market participants around the world”.

The scale of the wrongdoing over a period of several years and involving dozens of staff was a factor taken into account by the regulator in determining the level of sanction for UBS, whose £160m FSA fine was part of a Sfr1.4bn ($1.5bn) in total fines and settlements with regulators in the US, UK and Switzerland.