FCA drops action against exonerated 'rate riggers'

The Financial Conduct Authority has revoked Carlo Palombo's ban from the financial services industry and is ending its action against Tom Hayes after the Supreme Court quashed their criminal convictions last week (23 July).

Palombo and Hayes were jailed in 2019 and 2015 respectively for rigging Libor and Euribor interest rates but had their convictions overturned after a lengthy legal battle.

The FCA action was based on the back of these convictions; Palombo was banned from November 2022 and Hayes had referred the FCA’s decision to the Upper Tribunal.

The watchdog issued a statement on Friday (25 July) saying it won’t take further action against either individual.