The UK Financial Conduct Authority (FCA) has revoked Carlo Palombo’s ban from the financial services industry and is ending its action against Tom Hayes following the recent Supreme Court judgment quashing their criminal convictions.

The judgment has determined that the legal directions given to the jury at the conclusion of trial were incorrect in Hayes’ and Palombo’s trials and for that reason their convictions have today been found unsafe.

Both of these convictions formed the basis upon which the FCA took its action, with Mr Palombo being banned from November 2022 and Mr Hayes referring the FCA’s decision to the Upper Tribunal.

The FCA will take no further action against either individual.

Earlier this week, the Serious Fraud Office (SFO) determined it would not be in the public interest for it to seek a retrial.