The FCA has lifted trading bans imposed on four City traders after the Court of Appeal overturned their convictions related to the rigging of Libor and Euribor interest rates. The move represents a major shift in a significant financial regulation case that has spanned years of enforcement action.
The overturned convictions related to attempts to manipulate benchmark lending rates, which are used across the financial system to set borrowing costs. The reversal of the bans follows the higher court's decision to set aside the traders' original convictions.