UK Financial Conduct Authority (FCA) Ends Actions Against ex-UBS & Citigroup Trader Tom Hayes & Cancels Ban on ex-Barclays Trader Carlo Palombo after Both Won UK Court Appeals to Overturn Interest Rate Benchmark Libor-Rigging Convictions Filed by UK Serious Fraud Office (SFO), UBS Tom Hayes Convicted in 2015 (11-Year Jail Sentence & Served 5 Years 6 Months Jail), Barclays Carlo Palombo Convicted in 2019 (4-Year Jail Sentence), For Tom Hayes – UK Supreme Court Found Jury was Misdirected by Judge for Not Allowing to Consider Commercial Interests in Submissions
27th July | Hong Kong
The UK Financial Conduct Authority (FCA) has ended actions against ex-UBS & Citigroup trader Tom Hayes & cancelled ban on ex-Barclays trader Carlo Palombo after they won their UK Court appeals to overturn their interest rate benchmark Libor-rigging convictions filed by the UK Serious Fraud Office (SFO). UK FCA (25/7/25): “The FCA has revoked Carlo Palombo’s ban from the financial services industry and is ending its action against Tom Hayes following the recent Supreme Court judgment quashing their criminal convictions. Both of these convictions formed the basis upon which the FCA took its action, with Mr Palombo being banned from November 2022 and Mr Hayes referring the FCA’s decision to the Upper Tribunal. The FCA will take no further action against either individual. In 2025 July, Tom Hayes & Carlo Palombo won their UK Court appeals to overturn their interest rate benchmark Libor-rigging convictions filed by the UK Serious Fraud Office (SFO). UBS Tom Hayes was convicted in 2015 (11-year jail sentence & served 5 years 6 months jail). Barclays Carlo Palombo was convicted in 2019 (4-year jail sentence). For Tom Hayes – UK Supreme Court found the jury was misdirected by the judge for not allowing to consider commercial interests in submissions. Later in 2025 July, ex-Barclays & Deutsche Bank traders were reported to be filing to appeal to overturn their interest rate benchmark Libor & Euribor-rigging convictions. The 4 traders to appeal are 3 ex-Barclays traders (Jay Merchant, Philippe Moryoussef & Jonathan Mathew) and 1 ex-Deutsche Bank trader (Christian Bittar).
“ UK Financial Conduct Authority (FCA) Ends Actions Against ex-UBS & Citigroup Trader Tom Hayes & Cancels Ban on ex-Barclays Trader Carlo Palombo after Both Won UK Court Appeals to Overturn Interest Rate Benchmark Libor-Rigging Convictions Filed by UK Serious Fraud Office (SFO), UBS Tom Hayes Convicted in 2015 (11-Year Jail Sentence & Served 5 Years 6 Months Jail), Barclays Carlo Palombo Convicted in 2019 (4-Year Jail Sentence), For Tom Hayes – UK Supreme Court Found Jury was Misdirected by Judge for Not Allowing to Consider Commercial Interests in Submissions “
Ex-Barclays & Deutsche Bank Traders to Appeal to Overturn Interest Rate Benchmark Libor & Euribor Rigging Convictions, 4 Traders to Appeal are 3 ex-Barclays Traders (Jay Merchant, Philippe Moryoussef & Jonathan Mathew) and 1 ex-Deutsche Bank Trader (Christian Bittar), ex-UBS & Citigroup Trader Tom Hayes & ex-Barclays Trader Carlo Palombo Won UK Court Appeals to Overturn Interest Rate Benchmark Libor-Rigging Convictions Filed by UK Serious Fraud Office (SFO), UBS Tom Hayes Convicted in 2015 (11-Year Jail Sentence & Served 5 Years 6 Months Jail), Barclays Carlo Palombo Convicted in 2019 (4-Year Jail Sentence)
26th July – Ex-Barclays & Deutsche Bank traders will be filing to appeal to overturn their interest rate benchmark Libor & Euribor-rigging convictions. The 4 traders to appeal are 3 ex-Barclays traders (Jay Merchant, Philippe Moryoussef & Jonathan Mathew) and 1 ex-Deutsche Bank trader (Christian Bittar). In 2025 July, ex-UBS & Citigroup trader Tom Hayes & ex-Barclays trader Carlo Palombo had won their UK Court appeals to overturn their interest rate benchmark Libor-rigging convictions filed by the UK Serious Fraud Office (SFO). UBS Tom Hayes was convicted in 2015 (11-year jail sentence & served 5 years 6 months jail). Barclays Carlo Palombo was convicted in 2019 (4-year jail sentence). For Tom Hayes – UK Supreme Court found the jury was misdirected by the judge for not allowing to consider commercial interests in submissions.
Ex-UBS & Citigroup Trader Tom Hayes & ex-Barclays Trader Carlo Palombo Won UK Court Appeals to Overturn Interest Rate Benchmark Libor-Rigging Convictions Filed by UK Serious Fraud Office (SFO), UBS Tom Hayes Convicted in 2015 (11-Year Jail Sentence & Served 5 Years 6 Months Jail), Barclays Carlo Palombo Convicted in 2019 (4-Year Jail Sentence), For Tom Hayes – UK Supreme Court Found Jury was Misdirected by Judge for Not Allowing to Consider Commercial Interests in Submissions
24th July – Ex-UBS & Citigroup trader Tom Hayes & ex-Barclays trader Carlo Palombo had won their UK Court appeals to overturn their interest rate benchmark Libor-rigging convictions filed by the UK Serious Fraud Office (SFO). UBS Tom Hayes was convicted in 2015 (11-year jail sentence & served 5 years 6 months jail). Barclays Carlo Palombo was convicted in 2019 (4-year jail sentence). For Tom Hayes – UK Supreme Court found the jury was misdirected by the judge for not allowing to consider commercial interests in submissions.
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