The Financial Conduct Authority has banned one of the brokers involved in the Tom Hayes Libor-rigging case for “dishonest” conduct, despite his 2016 acquittal on criminal fraud charges.

The UK regulator is banning Terry Farr, who was manager of the yen desk at interdealer broker Martins, from working in financial services, because of his involvement in the Libor-rigging case in 2008-09.