The FCA and PRA have confirmed that the next 12 months will be a
critical period in transitioning away from the use of LIBOR,
advising firms to accelerate their efforts to cease reliance on
LIBOR by end-2021. The regulators will step up engagement with
firms on LIBOR transition and have contacted senior management responsible for
overseeing the transition to set out their expectations for the
coming months.
In a suite of documents published last week, the Working Group
on Sterling Risk Free Reference Rates (RFRWG),
together with both regulators and the Bank of England
(BoE), set out the priorities and other actions
market participants should take to reduce LIBOR exposure. The
documents published include:
