Key facts
- FCA revoked bans on four traders convicted of rigging benchmark rates.
- Court of Appeal overturned the traders' convictions.
- The FCA will not pursue the four traders further.
- The ruling followed a Supreme Court decision on jury instructions in rate-rigging cases.
The UK's Financial Conduct Authority (FCA) has revoked bans placed on four traders previously convicted of rigging Libor and Euribor interest rates. This action follows the Court of Appeal overturning their convictions last week. The FCA stated that the bans were based on these convictions and that it will not pursue the matter further. The convictions of Colin Bermingham, Philippe Moryoussef, and Jonathan Mathew, all former Barclays staff, were quashed last Wednesday, with the Serious Fraud Office not opposing their appeals. Christian Bittar, a former Deutsche Bank trader who had admitted guilt in 2018 and served two years in prison, also had his appeal upheld two days later. These appeals were prompted by a Supreme Court ruling in July 2025, which quashed the convictions of Tom Hayes and Carlo Palombo. The Supreme Court determined that juries had been incorrectly instructed that considering a bank's commercial interests automatically constituted dishonesty in rate submissions.