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The Financial Conduct Authority (FCA) is to be given new powers to make changes to the methodology of LIBOR for certain “tough legacy” contracts.

The UK Government has announced that it intends to bring forward legislation amending the Benchmarks Regulation 2016/1011 as amended by the Benchmarks (Amendment) (EU Exit) Regulations 2018, which would provide the FCA greater powers in relation to benchmarks (such as LIBOR) recognised as “critical”, in situations where these benchmarks are no longer representative and will not be restored to representativeness.
Continue Reading The British Government is giving the FCA new powers to deal with tough legacy – are they actually going to help?