FCA Revokes LIBOR/EURIBOR-Related Bans After Convictions Overturned

The Financial Conduct Authority said it has revoked bans on Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar after the Court of Appeal overturned the criminal convictions that had formed the basis for the regulator’s action. The FCA also removed the associated Final Notices from its channels and said it will take no further action against the four individuals in relation to the matter.

The statement, published on 16 October, concerns enforcement action linked to LIBOR and EURIBOR. The FCA said it reviewed its position because the overturned convictions were central to the regulatory outcomes. It follows the regulator’s earlier decision to discontinue proceedings against Tom Hayes and revoke Carlo Palombo’s ban after the Supreme Court quashed their convictions.

The update does not change benchmark rules or create a new trading permission. It is a correction to the status of individual enforcement actions following changes in the underlying criminal cases.

Why it matters

Benchmark integrity remains a core market-conduct issue for traders, dealers and firms that rely on reference rates. This statement is a reminder that regulatory prohibitions can be revisited where their legal foundation changes. It should not be read as an FCA finding on the merits of any current market-conduct case beyond the individuals and facts named in the statement.

What to watch next

Watch for any related court or FCA updates concerning the historic cases. Firms should continue to assess conduct and control obligations against the rules currently in force rather than treating the revocations as a change in benchmark-supervision standards.