Hayes Industry Ban Dropped by FCA After UK Conviction Tossed

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 ...