09 Nov 2017

Stephenson Harwood achieves successful stay in Tom Hayes FCA ban proceedings


Law firm Stephenson Harwood LLP has advised former trader Tom Hayes in successfully halting a Financial Conduct Authority (FCA) ban.

Hayes, a former UBS and Citigroup trader who is currently serving an 11 year sentence for Libor rigging, asked the Upper Tribunal to stay enforcement action by the FCA, which sought to ban him from working in the financial sector, pending the outcome of a Criminal Cases Review Commission (CCRC) investigation. The CCRC has the authority to refer Hayes' case back to the Court of Appeal.

"The FCA sought to ban Hayes from regulated activity, and issued a prohibition order against him, despite the Criminal Cases Review Commission investigating his conviction," said Stephenson Harwood regulatory litigation partner Sara George, who advised Hayes. "This is the first time that an application for a stay in FCA prohibition proceedings, where an individual has been sentenced for a criminal offence, has been successful."

Hayes' application to the CCRC, which was accepted in January this year, sets out grounds on which a referral is sought, based on perceived flaws in the expert evidence.



Sara George

Sara George

T:  +44 20 7809 2338 M:  Email Sara | Vcard Office:  London


Andrew Rieley
Head of communications

T: +44 20 7809 2886 
Email Andrew