The Financial Conduct Authority has lifted the industry bans on four former traders whose LIBOR and EURIBOR related convictions were overturned by the Court of Appeal. The statement was published on October 16, 2026.
The four are Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar. The FCA said it had reviewed action taken against people whose convictions “have recently been overturned by the Court of Appeal,” and it has removed the related Final Notices from its channels.
The logic is short. The bans rested on the convictions. Take those away and nothing holds them up. In the FCA’s words, “these convictions formed the basis on which the FCA took its action.” It “will take no further action against these individuals in relation to this matter.”
The FCA took the same step in July 2025, when it dropped its action against Tom Hayes and revoked Carlo Palombo’s ban after the Supreme Court quashed their convictions. Palombo had been barred from the industry since November 2022. Hayes had taken the FCA’s decision to the Upper Tribunal, so that case was still open when the FCA discontinued it. The wording then was almost identical: the convictions “formed the basis upon which the FCA took its action.”
The statement gives no FCA view on the conduct behind these cases and no sign of fresh action based on the regulator’s own findings. With the Final Notices gone, the record of those decisions no longer sits on its website.
Herald View
The FCA let the criminal courts do the heavy lifting and banned on the back of their verdicts. Six actions have now fallen with those verdicts. Any lawyer whose client faces an FCA case resting on a prosecution will cite Hayes, Palombo and these four, and they will be right to.
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