FCA revokes ban on Libor traders after court overturns rate-rigging convictions

The financial watchdog has revoked bans it had placed on four City traders convicted of rigging Libor and Euribor interest rates after the Court of Appeal overturned their convictions. The Financial Conduct Authority (FCA) said on Friday it has reviewed its regulatory action against individuals whose convictions have recently been overturned by the Court of Appeal and will take no further action against these individuals in relation to this matter. As these convictions formed the basis on which the FCA took its action, we have revoked the bans of Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar and removed the associated Final Notices from FCA channels, the watchdog said. The regulator s decision comes after a group of five former Barclays traders, including Bermingham, Mathew, and Moryoussef, as well as Jay Merchant and Alex Pabon, had their fraud convictions overturned by the Court of Appeal on 7 October. The five investment bankers, who