Key Takeaways
- • The UK Financial Conduct Authority (FCA) revoked bans on four former traders sanctioned over LIBOR and EURIBOR manipulation, following the Court of Appeal's overturning of their convictions earlier in October 2026, according to Reuters.
- • The four individuals are Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar.
- • The FCA also removed the related final notices from its public records, clearing the regulatory record for the four individuals.
- • Related Court of Appeal rulings have quashed convictions for other former Barclays traders in recent weeks, per Bloomberg coverage in the publisher's context, suggesting a broader wave of benchmark-rate appeals.
Summary
Britain's financial watchdog, the Financial Conduct Authority, said on Friday, October 16, 2026, that it had lifted bans on four former traders previously sanctioned in connection with the LIBOR and EURIBOR manipulation scandal, according to Reuters. The FCA identified the four as Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar. The regulator's decision followed the Court of Appeal's overturning of the convictions earlier in October.
In addition to revoking the bans, the FCA removed the related final notices from its public records. The move effectively eliminates the regulatory sanctions against the four individuals, though the reporting available does not detail the specific grounds the appeal court relied on for quashing the convictions.
The development forms part of a broader series of appellate reversals in the UK benchmark-rate cases. Publisher coverage from Bloomberg describes the Court of Appeal quashing the convictions of several former Barclays traders, including Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, and reports that five former Barclays traders, jailed for plotting to rig global benchmark interest rates, have won appeals to clear their names. Coverage also notes that Tom Hayes and Carlo Palombo, who served prison time, had fought for roughly a decade to clear their names.
For institutional market participants, the case highlights the continuing legal and regulatory aftermath of the LIBOR and EURIBOR manipulation investigations, a period that has shaped benchmark governance and conduct standards across global interest-rate markets.
In addition to revoking the bans, the FCA removed the related final notices from its public records. The move effectively eliminates the regulatory sanctions against the four individuals, though the reporting available does not detail the specific grounds the appeal court relied on for quashing the convictions.
The development forms part of a broader series of appellate reversals in the UK benchmark-rate cases. Publisher coverage from Bloomberg describes the Court of Appeal quashing the convictions of several former Barclays traders, including Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, and reports that five former Barclays traders, jailed for plotting to rig global benchmark interest rates, have won appeals to clear their names. Coverage also notes that Tom Hayes and Carlo Palombo, who served prison time, had fought for roughly a decade to clear their names.
For institutional market participants, the case highlights the continuing legal and regulatory aftermath of the LIBOR and EURIBOR manipulation investigations, a period that has shaped benchmark governance and conduct standards across global interest-rate markets.
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