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26 September 2025 / Neil Swift
Issue: 8132 / Categories: Opinion , Fraud , Criminal , Financial services litigation
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What next for financial law enforcement?

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After the Supreme Court judgment that quashed the Hayes and Palombo convictions, Neil Swift considers the wider implications

On 23 July, the Supreme Court delivered its judgment on appeals against conviction in R v Hayes; R v Palombo [2025] UKSC 29.

Tom Hayes and Carlo Palombo (pictured) were interest rate derivative traders, convicted following trials in 2015 and 2019 respectively. Hayes’s conviction related to the attempted manipulation of the London Interbank Offered Rate (Libor) between 2006 and 2010, while Palombo’s related to the attempted manipulation of the Euro Interbank Offered Rate (Euribor) between 2005 and 2009.

About benchmarks

Libor and Euribor were benchmark rates, intended to reflect the current cost of borrowing in the market. They were calculated by reference to the rates that a panel of substantial and reputable banks were able (or considered they were able) to borrow from other banks in the market at a particular time each day. Submissions were made on behalf of each contributor bank in relation to a variety of different

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NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

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