FCA statement on impact of coronavirus on firms’ LIBOR transition plans

Regulatory Updates | 25/03/20

The Financial Conduct Authority (FCA) has published a statement on the impact of COVID-19 on firms’ LIBOR transition plans over the coming months, following discussions with the Bank of England (BoE) and the Working Group on Sterling Risk-Free Reference Rates (Working Group). The FCA states that the central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed, and the end of 2021 should remain the target date for all firms to meet.