FCA to gain new powers to tackle ‘tough legacy’ issues in Libor transition

Untangling complex legacy issues is looking increasingly difficult as delays mount due to Covid-19

FCA

The UK’s Financial Conduct Authority is to gain new powers to deliver an orderly transition away from the Libor benchmark, as issues mount over “tough legacy” contracts.

In a statement today (June 23), chancellor Rishi Sunak said the government planned to legislate to allow the FCA to mandate a change to the Libor methodology, “where action is necessary to protect consumers and/or to ensure market integrity”.

The move is designed to help the FCA smooth out the transition, particularly where

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