FCA to gain new powers to tackle ‘tough legacy’ issues in Libor transition


The UK’s Financial Conduct Authority is to gain new powers to deliver an orderly transition away from the Libor benchmark, as issues mount over “tough legacy” contracts.

In a statement today (June 23), chancellor Rishi Sunak said the government planned to legislate to allow the FCA to mandate a change to the Libor methodology, “where action is necessary to protect consumers and/or to ensure market integrity”.

The move is designed to help the FCA smooth out the transition, particularly where

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