The FCA has set out guidance for firms on how to manage conduct risk arising from the transition away from LIBOR to alternative benchmarks.

Key Points:

..The FCA has set out its expectations for firms, from a conduct risk perspective, as they plan and manage their transition away from LIBOR.

..The guidance is relevant to all firms with exposure to LIBOR, and covers key areas, including governance and customer communications.

..Firms should identify the Senior Manager responsible for overseeing LIBOR transition, and reflect this in the individual’s Statement of Responsibilities.

..If firms have not done so already, they must implement plans for LIBOR transition.

..The FCA has also given a further speech on LIBOR, emphasising the work still to be done before the end of 2021.