FCA revokes four LIBOR and EURIBOR bans after convictions are overturned

The Financial Conduct Authority has revoked the bans of Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar following the reversal of their criminal convictions. Its 16 October statement also confirms the removal of the associated Final Notices from FCA channels.[1]

The regulator said the convictions had formed the basis for its action and that it will take no further action against these individuals in relation to the matter. Its explanation ties the revocation directly to the loss of that legal foundation.[1]

Two October appeal decisions preceded the FCA action

The Serious Fraud Office's account, updated on 9 October, records the Court of Appeal overturning five convictions on 7 October: those of Mathew, Jay Merchant, Alex Pabon, Moryoussef and Bermingham. Following its review of the cases, the SFO did not oppose those appeals.[2]

Bittar's conviction was overturned separately on 9 October. He had pleaded guilty to conspiracy to defraud, making his procedural position different from that of defendants convicted following a trial. The SFO had argued for a different result in his case but said it respected the court's decision.[2]

The appeals followed the Supreme Court's July 2025 judgments concerning Tom Hayes and Carlo Palombo. The SFO says incorrect legal directions to the juries made those convictions unsafe, and it decided that seeking retrials would not be in the public interest. The later review examined how those judgments affected other defendants.[2]

Six convictions were therefore overturned in October, while the new FCA statement revokes four named bans. Those are different counts covering different legal steps; the statement should not be read as a six-person regulatory decision.[1][2]

For firms reviewing a professional's regulatory history, the practical consequence is an updated record. Screening material that reproduces an original prohibition without its revocation would omit the FCA's current position on these four individuals.[1]

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