GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
UK's FCA lifts bans on four former traders after benchmark-rigging convictions quashed - Finance news and analysis from Global Banking & Finance Review
Finance

UK's FCA lifts bans on four former traders after benchmark-rigging convictions quashed

Published by Global Banking & Finance Review

Posted on October 16, 2026

1 min read

· Last updated: October 16, 2026

Add as preferred source on Google

UK FCA Revokes Bans on Four Traders After Benchmark-Rigging Convictions Quashed

FCA Lifts Sanctions Following Court of Appeal Decision

Background: LIBOR and EURIBOR Manipulation Scandal

LONDON, Oct 16 (Reuters) - Britain's financial watchdog said on Friday it had revoked bans on four former traders previously sanctioned over the LIBOR and EURIBOR manipulation scandal after the Court of Appeal overturned their convictions earlier this month.

Details of FCA Action

The Financial Conduct Authority said it had lifted the bans on Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar, and had removed the related final notices from its public records.

Reporting and Editorial Credits

(Reporting by Sam Tabahriti; editing by Sarah Young)

Key Takeaways

  • The Court of Appeal quashed convictions earlier in October 2026 in a wave of reversals following the Supreme Court’s July 2025 rulings in similar benchmark‑rigging cases (businessquarter.co.uk).
  • The FCA’s decision to revoke bans and remove final notices underscores that its enforcement actions were predicated on convictions now deemed unsafe (fca.org.uk).
  • These developments mark the continued unraveling of high‑profile SFO prosecutions in the aftermath of the global financial crisis, spotlighting the role of the Criminal Cases Review Commission and evolving legal standards around jury directions and fair trials (ccrc.gov.uk)

References

Frequently Asked Questions

Why did the FCA lift bans on four former traders?
The FCA lifted the bans because the Court of Appeal overturned the traders' benchmark-rigging convictions earlier this month.
Who are the traders affected by the FCA decision?
Colin Bermingham, Philippe Moryoussef, Jonathan Mathew, and Christian Bittar had their bans revoked.
What was the original reason for the bans by the FCA?
The traders had been sanctioned for alleged involvement in the LIBOR and EURIBOR manipulation scandal.
What did the FCA do after lifting the bans?
The FCA also removed the related final notices from its public records.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category