The Financial Conduct Authority (FCA) has revoked Carlo Palombo’s ban from the monetary companies trade and is ending its action against Tom Hayes following the latest Supreme Court judgment quashing their felony convictions.
Both of those convictions fashioned the premise upon which the FCA took its action, with Palombo being banned from November 2022 and Hayes referring the FCA’s resolution to the Upper Tribunal.
Last week, former UBS and Citigroup banker Tom Hayes, who was jailed for rigging Libor rates of interest, has had his conviction overturned by the Supreme Court.
The Supreme Court quashed the conviction of Hayes, calling his unique 2015 trial at Southwark Crown Court unfair.
The Court dominated: “Mr. Hayes was entitled to have his defence to the allegation that he agreed to acquire false submissions in addition to his denial that he had acted dishonestly left pretty to the jury.
“He was disadvantaged of that chance by instructions which had been legally inaccurate and unfair.”
Hayes was initially handed a 14-year jail sentence and served five-and-a-half years in jail after his sentence was diminished to 11 years on attraction. He was launched in 2021.
Former Barclays dealer Carlo Palombo, who acquired a four-year sentence for manipulating Euribor, one other benchmark fee, additionally had his conviction overturned. Palombo was additionally launched in 2021.
The Serious Fraud Office, which prosecuted Hayes and Palombo and seven different bankers within the UK, mentioned it could not search a retrial.
The FCA has additionally mentioned it’s going to take no further action against both particular person.
