FCA lifts bans on former Libor traders after appeal court overturns convictions

The Financial Conduct Authority announced that it has withdrawn the bans imposed on four former City traders after the Court of Appeal nullified their convictions for manipulating Libor and Euribor interest rates. The individuals affected are Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar, all previously employed by Barclays. Their convictions, along with those of fellow ex-Barclays bankers Jay Merchant and Alex Pabon, were overturned on 7 October, and Bittar’s on 9 October.

Because the FCA’s disciplinary action was predicated on those convictions, the regulator said it will take no further steps and has removed the related final notices. The decision comes after a Supreme Court ruling last year that overturned similar convictions for Tom Hayes and Carlo Palombo, the original faces of the Libor scandal pursued by the Serious Fraud Office.