In its first fine on individuals for failings related to a sprawling, global investigation, the Financial Conduct Authority (FCA) said on Thursday former chief executive David Caplin had been fined 210,000 pounds ($319,000) and former compliance officer Jeremy Kraft had been fined 105,000 pounds.

Both are also banned from holding senior positions in financial services companies in Britain.

The FCA, which has sent a handful of notices to other individuals warning of enforcement action, slapped a 630,000 pound penalty on RP Martin in 2014 for misconduct in connection to the London interbank offered rate (Libor), against which roughly $450 trillion of financial products from derivatives to consumer loans are pegged.

The FCA said both Kraft and Caplin presided over a business that allowed misconduct to continue undetected over a prolonged period and ignored risks that included brokers giving or accepting inducements, helping to compromise the integrity of financial markets.

"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," said Georgina Philippou, the FCA's acting director of enforcement and market oversight.

($1 = 0.6591 pounds)

(Reporting by Kirstin Ridley; Editing by Steve Slater and Mark Potter)