The United Kingdom’s Financial Behavior Authority (FCA) has revoked the ban on Carlo Palombo from the financial services sector and ends his action against Tom Hayes following the recent ruling of the Supreme Court that filed their criminal convictions.
The decision has found that the legal guidelines given to the jury at the end of the trial were incorrect in the tests of Hayes and Palombo and therefore their beliefs have been found insecure today.
Both of these beliefs were the basis on which FCA took its action, with Mr Palombo prohibited in November 2022 and Mr Hayes reporting the FCA ruling in the Supreme Court.
FCA will not take further action against a person.
Earlier this week, the Office of Serious Fraud (SFO) found that it would not be in the public interest in pursuing a new trial.