Key facts
- FCA revoked bans on four traders convicted of rigging benchmark rates.
- Convictions were overturned by the Court of Appeal.
- The FCA stated the convictions were the basis for its actions.
- No further action will be taken against the four individuals.
The Financial Conduct Authority (FCA) has revoked the bans it had placed on four traders following the overturning of their convictions for rigging benchmark interest rates Libor and Euribor. The regulator stated that these convictions were the basis for its enforcement actions. The Court of Appeal overturned the convictions of Mathew, Jay Merchant, Alex Pabon, Moryoussef, and Bermingham on October 7, 2026, with the Serious Fraud Office not opposing these appeals. Subsequently, the FCA revoked the bans of Colin Bermingham, Philippe Moryoussef, Jonathan Mathew, and Christian Bittar on October 16, 2026, confirming it would take no further action. This action follows a similar decision on July 25, 2025, where the FCA discontinued proceedings against ex-UBS derivatives trader Tom Hayes and revoked former Barclays trader Carlo Palombo's prohibition order after the Supreme Court quashed their convictions on July 23, 2025.