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Written question asked by Iqbal Mohamed (Independent (affiliation)) on Thursday, 25 June 2026, in the House of Commons. It was due for an answer on Monday, 29 June 2026. It was answered by Rachel Blake (Labour) on Wednesday, 1 July 2026 on behalf of the Treasury.

Financial Services: Regulation

Question

To ask the Chancellor of the Exchequer, whether regulatory changes have been implemented following the quashing of Mr Tom Hayes’ conviction by the Supreme Court.

Answer

The Government commissioned the independent Wheatley Review in July 2012 to identify and recommend changes to the regulatory framework in light of the LIBOR scandal. The Government accepted the Review’s recommendations and implemented associated reforms to the regulation and oversight of benchmarks.

Since then, LIBOR has been wound down, reflecting concerns about its reliability. This has been supported by coordinated action across government and regulators, alongside the transition to alternative benchmarks. The Treasury engaged closely with regulators throughout the programme to support the transition away from LIBOR. The transition was successfully completed, with all LIBOR settings having now ceased and no significant market disruption arising as a result.

The investigations and subsequent prosecutions relating to the LIBOR scandal were led by the operationally independent Serious Fraud Office. The Government is not able to comment on the specifics of any individual case, but the Government’s position on financial market abuse is clear: it undermines the integrity of public markets, impairs the effectiveness of financial markets, and reduces public confidence in them.

Secondary information

Type
Written question
Reference
13388
Session
2026-27
Grouped for answer
Yes
Subjects
Financial services Miscarriages of justice Regulation Supreme Court Hayes, Tom (trader) LIBOR
Link
View this Written question on www.parliament.uk