The Financial Conduct Authority (FCA) will not compel banks to submit LIBOR quotations, or sustain the LIBOR benchmark, after 2021.
Acknowledging that many lenders' transition plans had been disrupted by Covid-19, the Working Group on Sterling Risk Free Rate Transition (the Working Group) and the FCA published changes to the interim LIBOR transition milestones on 29 April 2020. The first key milestone affected is the deadline by which the cash market is recommended to stop issuing sterling LIBOR-referencing loan products. This deadline was extended from the end of September 2020 to the end of March 2021. This extension was welcomed by most financial institutions dealing with the implementation of government-backe...
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