FCA Puts Libor on Notice for 2021 Phase-Out

canary-wharf-skyline-2-london-uk-oct-2012 — Libor has been tainted by scandals, but despite attempts at reform, the FCA believes it is not fit for purpose in its current guise.

James Rundle
@JimRundle
27 Jul 2017

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The London Interbank Offered Rate (Libor) underpins a vast amount of financial instruments, from derivatives contracts through to mortgages and consumer loans. It is designed to reflect the average rate at which banks can obtain short-term loans from one another, based on submissions from a panel of submitters, and acts as a bellwether for the health of the interbank market.

However, the UK Financial Conduct Authority (FCA), which assumed responsibility for supervising Libor in 2013, has been

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