William Boyce QC and Jason Mansell acted for Guillaume Adolph in respect of the FCA’s investigation as to whether he had been knowingly concerned in a breach by Deutsche Bank of Principle 5 (market conduct).

The investigation related to the alleged manipulation of LIBOR.

William and Jason were instructed by Michael Drury, Caroline Mair and Natasha Sammy of BCL Solicitors LLP.

On the issue of the FCA's Final Notice, BCL made the following statement on behalf of Mr Adolph:-

"These events occurred nearly 10 years ago. Above all, Mr Adolph wishes to move on with his life outside of the financial services sector. Thus, while he does not admit the FCA’s findings, Mr Adolph has waived his right to contest that he was concerned in a breach of a FCA principle by Deutsche Bank, his former employer. The FCA does not conclude or even suggest that he was dishonest. As the FCA has previously found, the blame for the problems associated with LIBOR within Deutsche Bank lies firmly at the door of the Bank. In a regulatory vacuum, the Bank failed to provide Mr Adolph and others with any proper guidance and training; placed him in a position of direct conflict of interest in his trading role (as since found by both German Regulators and Courts); and specifically encouraged the very culture that only now, many years on, has led to FCA sanctions.”

Read FCA report here.

Read The Times report here.