Two bankers are warned by the City regulator

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The City regulator has used new powers for the first time to issue warnings to two bankers over the alleged rigging of benchmark Libor interest rates.

They indicate that the Financial Conduct Authority (FCA) is proposing to take action over the conduct of the individuals which could potentially result in fines or bans from working in the financial services industry.

Both were understood to have been employed by London-based institutions.

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