The Financial Conduct Authority (FCA) has withdrawn the prohibition of Carlo Palombo from financial services and ends its action against Tom Hayes after the recent judgment on the Supreme Court that destroys their criminal convictions.
Both convictions formed the basis on which the FCA took its action, where Palombo was banned from November 2022 and Hayes who refers the FCA decision to the Upper Tribunal.
Last week, Former UBS and Citigroup Banker Tom Hayes, who was imprisoned for libor -interest rates rigging, destroyed his conviction by the Supreme Court.
The Supreme Court destroyed the conviction of Hayes and shouted his original process of 2015 in Southwark Crown Court unfairly.
The court ruled: “Mr Hayes had the right to have his defense on the claim that he agreed to obtain false entries, as well as his denial that he had acted unfairly to the jury.
“He was taken from that chance by instructions that were legally inaccurate and unfair.”
Hayes originally received a 14-year prison and served five and a half years in prison after his sentence on appeal was reduced to 11 years. He was released in 2021.
Former Barclays trader Carlo Palombo, who was sentenced to four years for manipulating Euribor, another bench market rate, also had his conviction destroyed. Palombo was also released in 2021.
The serious fraud office that Hayes and Palombo and seven other bankers continued in the UK said it would not make a new house.
The FCA has also said that it will not take any further action against both individuals.