FCA publishes Q&As on conduct risk during LIBOR transition

The Financial Conduct Authority (FCA) has published a set of questions and answers for firms regarding conduct risk during LIBOR transition. In the Q&As the FCA stresses that firms’ senior managers and boards are expected to understand the risks associated with LIBOR transition and take appropriate action to move to alternative rates ahead of end-2021. Firms should have a strategy in place and take necessary action during LIBOR transition, and ensure that customers are treated fairly by following the FCA’s rules and guidance. FCA supervision of firms’ transition away from LIBOR is focused on firms effectively managing the risks arising from transition, including prudential, operational and conduct risks.

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