The Financial Conduct Authority (FCA) has revoked regulatory bans placed on four City traders whose convictions for rigging Libor and Euribor interest rates were overturned by the Court of Appeal. The financial watchdog confirmed on Friday that it had reviewed its actions against these individuals.
The FCA stated that since the convictions formed the basis for its regulatory action, it has revoked the bans on Colin Bermingham, Philippe Moryoussef, Jonathan Mathew, and Christian Bittar. Associated Final Notices have also been removed from FCA channels.
This decision follows the Court of Appeal's overturning of fraud convictions for five former Barclays traders, including Bermingham, Mathew, and Moryoussef, on 7 October. These bankers had served jail time for conspiring to rig interest rates. Christian Bittar's fraud conviction, related to Euribor rigging, was also overturned by the Court of Appeal on 9 October.
Last year, the Supreme Court overturned a similar ruling concerning Tom Hayes and Carlo Palombo. The FCA subsequently halted proceedings against Hayes and revoked Palombo's ban.