LIBOR transition

LIBOR transition

Regulators have made clear that at the end of 2021, most LIBOR interest rate benchmarks can no longer be relied upon to continue.


A new UK Finance LIBOR transition resource has been created to help SMEs and any impacted consumers understand what the LIBOR transition is, how it could affect them and what they need to do. It helps answer any key questions they might have, as well as signposting to all the other useful information available



The transition away from LIBOR before the end of 2021 is a significant undertaking across the financial services industry and its clients. LIBOR is a series of benchmark rates which underpins hundreds of trillions of financial products for customers globally, with key impacted businesses and functions including capital markets, commercial lending, retail banking and wealth management, investment management, mortgages, market infrastructure and corporate treasury.

UK Finance is committed to supporting our members and their clients with the transition away from LIBOR onto alternative reference rates, while recognising that the implications of transition varies significantly across our members’ diverse operating models. Our focus centres on supporting members with the sterling transition including:

  • Active participation in the Risk-Free Rate Working Group and relevant sub-groups;
  • Advocacy on behalf of members, including regulatory and legal support for legacy contracts;
  • Communication and engagement with members on the transition;
  • Communication and engagement with end users and customers on the transition;

UK Finance’s cross-cutting LIBOR transition activity is open all to impacted members across product areas. Please contact to find out more on our ongoing work to support the industry’s preparations for transition


Regulators have made clear firms need to end their reliance on LIBOR by end-2021. LIBOR is a benchmark rate which underpins around $400 trillion of financial products for customers globally, including derivatives, bonds and loans. For some UK Finance members it could be a bigger challenge than Brexit.

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