Update from FCA on IBOR Discontinuance and Firm Readiness

On 21 February 2019, the FCA published a speech given by Megan Butler, the Executive Director of Supervision – Investment, Wholesale and Specialists, FCA at the Investment Association. The speech is titled, ‘Ending reliance on LIBOR: Overview of progress made on transition to overnight risk-free rates and what remains to be done’. Butler observes that UK banks and insurers are in varied phases of preparedness for the LIBOR transition.

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