The Financial Conduct Authority is planning to end its support for the last vestige of Libor left in the sterling market.

Since Libor was deemed “non-representative” at the end of 2021, the FCA has allowed the publishing of a synthetic Libor rate in one, three and six month tenors. This was a temporary solution to allow for firms with tough legacy contracts to repaper to reference replacement rates such as Sonia. The FCA now says the transition from Libor should be sorted.