FCA consultation on LIBOR changes

A current Financial Conduct Authority consultation may be of interest to accountants

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Since the end of 2021, the Financial Conduct Authority (FCA) has continued to compel publication of one, three and six month sterling LIBOR settings using a ‘synthetic’ methodology. This was intended to allow an off-ramp for existing LIBOR-linked contracts that had been unable to transition away from LIBOR by the deadline of the end of 2021.

CP22/11: Winding down ‘synthetic’ sterling LIBOR and US dollar LIBOR seeks to help the FCA review their decisions to continue to publish these settings, proposing end of March 2023 to retire the one- and six-month settings, as well as identify barriers to transitioning USD LIBOR by the end of June 2023.