The UK's Financial Conduct Authority has issued two another two warning notices against bankers involved in the LIBOR scandal.

The UK's Financial Conduct Authority has issued another two warning notices against bankers involved in the LIBOR scandal.

According to the FCA, both individuals took into account requests made by traders to benefit their positions when determining the submission to be made to an interbank interest rate benchmark, despite "knowing that it was improper to take such matters into account when determining where the bank’s submission should be set".

The FCA also said that both "condoned the actions of other employees in receiving requests made by traders to benefit their trading positions and determining submissions which took into account such requests". 

The warning notices are the fourth and fifth to be published by the regulator since it was given new powers in the Financial Services Act 2012 which allow it to make public notices against individuals and firms before enforcement action takes place.

Last October, the FCA confirmed how it would be publishing details of warning notices against firms and individuals before it issues enforcement proceedings against them. The FCA said that in some circumstances individuals would not be named if the damage to the individual or firm exceeded the benefit of the transparency.

LIBOR is based on the interest rates leading banks charge when loaning money to other banks overnight, which is supposed to represent the cost of a bank's lending activities.

As the primary benchmark for short-term interest rates globally, LIBOR is used as a reference rate for many interest rate contracts, mortgages, credit cards, student loans and other consumer-lending products.

Following the LIBOR scandal in 2012, Barclays, UBS and Royal Bank of Scotland have all been fined for fixing the rate in order to boost the profits of traders prior to the financial crisis.

The scandal arose during and before the financial crisis when it was discovered that banks were manipulating rates so as to profit from trades or give the impression they were more credit worthy than they actually were.