UK post-Brexit reform: Financial Services Act 2021

On 29 April 2021, the Financial Services Act 2021 received royal assent. The Act is a milestone in implementing the UK Government’s wider Future Regulatory Framework initiative and represents the first major step towards HM Government’s objective of maintaining the competitive position of the UK financial services industry whilst capitalising on new opportunities following the end of the Brexit transition period. Read more

Navigating “the final and critical phase” of LIBOR – Senior Managers take heed

At the end of 2020, we identified the key issues to have in mind as we entered the LIBOR “endgame”: readiness; right time; right information; right rate; remaining contracts; and record keeping. The PRA and FCA have reinforced all these points in a Dear CEO letter published on 26 March 2021, which we consider in this blog post. The issues raised in this Dear CEO letter are not unexpected but are not straightforward to manage. Read more

LIBOR Discontinuation: FCA non-representativeness announcement

The FCA today made its much anticipated announcement that all LIBOR settings will either cease to be provided by any administrator or will no longer be representative: immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and immediately after 30 June 2023, in the case of the remaining US dollar settings. Read more