The Financial Conduct Authority has ended its action against ex-UBS derivatives trader Tom Hayes and revoked its decision to ban the former Barclays trader Carlo Palombo from the financial services industry after the Supreme Court overturned both parties' convictions.
This follows a ruling last week (23 July) from the UK Supreme Court that quashed Hayes' LIBOR-rigging conviction. "Both of these convictions formed the basis upon which the FCA took its action, with Palombo being banned from November 2022 and Hayes referring the FCA's decision to the Upper Tribunal," the regulator said in a statement on Friday (25 July). UK Supreme Court quashes Tom Hayes' LIBOR-rigging conviction As a result, the FCA said it will take no further action against either individual. The pair were among a swathe of UK and US traders imprisoned after they were con...
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