LIBOR Transition

Regulators have made clear firms need to end their reliance on LIBOR by end-2021. LIBOR is a benchmark rate which underpins around $300 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.

We are committed to supporting members with this transition. We are leading the way on mortgages and commercial loans, and engaging with the wider industry on a range of products. We recognise that keeping our members informed on developments, challenges, and industry approaches will be critical in the transition process.

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Summary of FCA/Bank of England Last orders – "Calling Time on LIBOR" conference

On Wednesday 5 June the FCA and Bank of England held the conference “Last orders – Calling Time on LIBOR”. The event follows on from the “Dear CEO” letter that major banks and insurers responded to in December 2018. Please find below a brief summary of the event, and an update on UK Finance activity on LIBOR transition.

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