The UK Financial Conduct Authority dropped an attempt to ban former Libor trader Tom Hayes from the banking industry days after the country’s top court overturned his criminal conviction. In a statement Friday, the FCA said that the conviction had formed the basis of its civil case against Hayes. The regulator also said it was dropping a similar suit against Carlo Palombo, another trader whose conviction was overturned along with Hayes’. The UK Supreme Court on Wednesday said the convictions of Hayes and Palombo were tarnished by faulty jury instructions. Both men had been convicted amid a global scandal over allegations that traders had fixed benchmark rates that underpinned more than $350 trillion of loans and securities. “The FCA have now discontinued proceedings that should never have been brought in the first instance,” said Hayes, who was released from prison in 2021 after serving nearly six years behind bars. “Their attempt to ban me for life whilst resident of a high security prison on the basis that I was a risk to financial markets and the investing public was laughable.” A representative for Palombo didn’t immediately respond to a request for comment. The FCA decision means that the pair are free from legal entanglements for the first time in a decade. The Serious Fraud Office, which brought the criminal cases, said it wouldn’t seek a new trial against the men. Hayes, a former Tokyo-based trader at banks including Citigroup Inc. and UBS Group AG, was found guilty of rate-rigging by a London jury in 2015, kicking off a string of trials against Libor traders that eventually led to nine convictions. Palombo, a former employee at Barclays Plc was found guilty in 2019. ©2025 Bloomberg L.P. This article was generated from an automated news agency feed without modifications to text. in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.