The current Financial Conduct Authority’s deadline for firms to cease issuing sterling LIBOR-referencing loan products extending beyond 2021 is 31 March 2021. Regulated firms must, however, be able to offer alternative non-LIBOR linked loans by 30 September 2020.

The FCA continues to emphasise that, pandemic notwithstanding, the position remains that parties cannot rely on LIBOR being published after the end of 2021. However, in the interim and at least until the end of March 2021, LIBOR-linked loans and interest rate hedging products extending beyond the end of 2021 will very likely remain readily available.