FCA warns asset managers: 'Act now' on LIBOR

Ceases to function at the end of 2021

Mike Sheen
The regulator's call to action follows repeated warnings from the Bank of England

The regulator's call to action follows repeated warnings from the Bank of England

Asset management firms must "act now" and take "immediate action" to shed themselves of exposure to LIBOR-linked investments and benchmarks before the rate ceases to exist at the end of 2021, the Financial Conduct Authority (FCA) has warned.

In a 'Dear CEO' letter published this morning (27 February), the FCA's head of asset management supervision Nick Miller told firms they are responsible for taking "proactive steps" and building transition...

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