Reducing conduct risk in LIBOR transition
As we progress through Q2 of 2021, the 6 month countdown for firms to have completed their LIBOR transition programmes in accordance with timetable set out by the Working Group on Sterling Risk Free Reference Rates has commenced. As part of that, some firms are still grappling with many of the technical aspects of the transition to Risk Free Rates (RFRs) with, for instance, clarity still awaited on how the FCA will exercise its powers under the Financial Services Bill. That uncertainty may also have led some to delay the implementation of their communications strategy with their customers.