In what has become a steady stream of advisories from regulators globally about the financial institution’s preparedness for LIBOR transition, the Bank of England (the Bank), in February 2020, announced further measures designed to “turbo-charge sterling LIBOR transition” in a speech by Andrew Hauser, Executive Director of Markets at the Bank. There is a further call to action for the financial services industry, with 2020 being a critical year, to ensure that there is much more progress in driving the LIBOR transition industrywide.

This article outlines the Bank’s continuous efforts toward LIBOR transition, including its additional measures.