FCA revokes bans on four Libor traders after Court of Appeal quashes their rate-rigging convictions

The Financial Conduct Authority has revoked its bans on Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar, following the Court of Appeal's decision to quash their fraud convictions for manipulating interbank lending rates. The FCA withdrew the Final Notices against all four men, stating it would not pursue further regulatory proceedings, as its original action had rested on those convictions. The quashings come in the wake of the Supreme Court's landmark 2025 ruling that overturned comparable convictions against Tom Hayes and Carlo Palombo.

Moryoussef said the decision 'comes after 14 years of devastating personal and professional consequences' to his career and livelihood.

Bittar, formerly a Deutsche Bank trader who had originally pleaded guilty, declared the ruling 'the end of a fifteen-year struggle for justice.'

The men had argued they were made scapegoats for widespread bank behaviour in the run-up to the 2008 financial crisis, a charge the SFO did not oppose at appeal.