The Financial Conduct Authority (FCA) has ended its action against ex-UBS derivatives trader Tom Hayes and revoked its decision to ban the former Barclays trader Carlo Palombo from the financial services industry after the Supreme Court overturned both parties' convictions.
This follows a ruling last week (23 July) from the UK Supreme Court that quashed Hayes' LIBOR-rigging conviction. "Both of these convictions formed the basis upon which the FCA took its action, with Palombo being banned from November 2022 and Hayes referring the FCA's decision to the Upper Tribunal," the regulator said in a statement on Friday (25 July). As a result, the FCA said it will take no further action against either individual. The pair were among a swathe of UK and US traders imprisoned after they were convicted for manipulating LIBOR and EURIBOR interest rates, which ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
