The ex-employees of interdealer broker Martin Brokers (UK) Limited have been penalised for "compliance and cultural failings" at the firm.
In 2014 the FCA fined Martins £630,000 for misconduct relating to the London Interbank Offered Rate.
David Caplin, former chief executive, was fined £210,000 and Jeremy Kraft, former compliance officer, was fined £105,000.

{desktop}{/desktop}{mobile}{/mobile}

Both were also banned from performing significant influence functions at financial services firms.
The FCA said it found that Mr Caplin and Mr Kraft's "failings contributed to a culture at Martins that permitted LIBOR manipulation to take place and enabled the misconduct to continue undetected over a prolonged period", adding that they "failed to recognise the risk of this culture developing and failed to take reasonable steps to prevent it".
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: "Mr Kraft and Mr Caplin were responsible for setting the right culture at Martins and ensuring that the firm's risk management systems and controls were adequate to oversee its broking activities. They failed to do this. Proper systems and controls were non-existent and there was a culture at Martins where revenue came first and compliance was seen as unimportant rather than as an integral part of the running of the firm. Both individuals also ignored obvious risks such as the risk that brokers would give or accept inducements.
"This risk did in fact crystallise when brokers at Martins were induced to assist in LIBOR manipulation in exchange for corrupt brokerage payments. Consequently, the integrity of the financial markets was compromised."
"This case and other recent Significant Influence Function outcomes should serve as a warning to everyone that holds a significant influence function that if a firm's misconduct can be attributed to cultural failings, then we expect senior management to answer for this."
Mr Caplin and Mr Kraft agreed to settle at an early stage of the investigation and therefore qualified for a 30% discount under the FCA's settlement discount scheme. Without the discount, the fines would have been £300,000 and £150,000 respectively.  

Get FREE daily news summaries direct to your inbox. Sign up on the homepage now.

Follow us on Twitter and get frequent news alerts @FPM_online.

Or follow Editor Kevin O'Donnell - @FPM_Kevin or staff writer James Nadal - @FPM_James.

For the latest Sipp, SSAS and retirement news visit our sister news site www.sippsprofessional.co.uk and on Twitter @SippsPro.