Response to FCA: Consultation on the proposed policy with respect to the exercise of its powers in relation to LIBOR Transition: 18 January 2021

To facilitate the transition of “tough legacy” contracts away from LIBOR, HM Government has introduced the Financial Services Bill 2019-21 (the “Financial Services Bill”) which grants new powers under to the Financial Conduct Authority (“FCA”) to help it manage an orderly “wind-down of critical benchmarks”.