The FCA has revoked Carlo Palombo's ban from the financial services industry and is ending its action against Tom Hayes following the recent Supreme Court judgment[1] quashing their criminal convictions.
Both of these convictions formed the basis upon which the FCA took its action, with Mr Palombo being banned from November 2022 and Mr Hayes referring the FCA’s decision to the Upper Tribunal.
The FCA will take no further action against either individual.