"I accept the Authority’s submissions that a challenge to the Decision Notice has no real prospect of succeeding."
The FCA revealed for the first time yesterday that it had decided to ban Hayes, stating that he "is not a fit and proper person as a result of his conviction for conspiracy to defraud in relation to the manipulation of Yen LIBOR".
Hayes applied to prevent publication of the FCA’s Decision Notice and to delay the hearing of the proceedings on the basis that he has referred his conviction to the Criminal Cases Review Commission.
On 3 August 2015, Hayes was convicted on indictment of 8 counts of conspiracy to defraud in relation to the manipulation of Yen LIBOR engaged in over a period of 4 years and was sentenced to a total of 14 years imprisonment. In December 2015, the Court of Appeal dismissed Hayes’ appeal against conviction but reduced his sentence to a total of 11 years’ imprisonment.
Hayes says he intends to appeal the FCA ban due to the possibility of an adverse impact of a prohibition order his continuing attempts to overturn his conviction.
The Upper Tribunal has decided to delay the ban pending the CCRC’s decision but "considers there is no reasonable prospect of the... Applicant’s case, or part of it, succeeding".
Tribunal Judge Timothy Herrington said: "I accept the Authority’s submissions that a challenge to the Decision Notice has no real prospect of succeeding. The convictions as they stand demonstrate a clear and serious lack of honesty and integrity and therefore on the basis of those convictions Mr Hayes is not fit and proper to perform functions in relation to regulated activities."
