UK financial authority says former broker ‘not fit to perform in financial services’

London — Britain’s markets regulator has banned Terry Farr, one of six former brokers unanimously acquitted by a London jury over their role in the Libor scandal, for dishonesty and lacking integrity over so-called “wash” trades.

Wash trades are risk-free trades with the same party that cancel each other out, serve no legitimate purpose but generate brokerage payments. Farr, who was aware that the wash trades were improper and sought to conceal them, earned almost £260,000 for Martins from UBS and the Royal Bank of Scotland , increasing the bonus pool available for Farr and the other brokers, the FCA said.

London-based Martins, which was rapped by the FCA in 2014 for its role in the Libor scandal and for having inadequate systems and controls, was dissolved in 2015.

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