Ex-City Trader Cleared in Libor Scandal Slams Visa Hurdle as UK Records Lag

Tom Hayes, the former UBS and Citigroup trader whose Libor-era conviction was overturned by the UK Supreme Court, has blasted what he calls a Kafkaesque justice system that threatens his ability to travel with his newborn daughter because his record remains inaccurate on UK police records. Hayes was the first person to be convicted by a jury for manipulating Libor, the London interbank offered rate once used to price trillions of dollars in loans and mortgages. In 2015, he was sentenced to 14 years in prison; that term was reduced on appeal to 11 years, and he was released on licence in 2021. A Supreme Court ruling two months ago cleared his name; however, the case’s fallout continues to ripple through his daily life as his conviction remains listed on the police national computer, the central database that stores convictions, cautions and reprimands.

Hayes says the error is more than a procedural hiccup: it directly blocks a visa he needs to visit Australia with his partner and their three-month-old daughter, Themis, later this year. He told The Mail on Sunday that he has not been abroad for 13 years, but the travel ban remains in place because the system still treats him as a convicted criminal. 'It's a Kafkaesque situation, absolutely ridiculous,' he said. 'At what point does the State allow me to get on with my life?' He added that the entire episode reflects 'a broken justice system at its worst.'

The former banker expects a straightforward remedy: clearing the record should require only a court order to discharge the conviction from the police national computer. He said it is 'stupidly simple to sort it out' and noted that an acquittal certificate has reportedly been issued. Hayes argues that if the acquittal is already in hand, the authorities should complete the administrative step to update the national record, enabling the visa process to proceed. A spokesperson for the ACRO criminal records office said they were unable to discuss individual cases, but Hayes says the delay is not acceptable given the legal victory he secured in the Supreme Court.

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The case highlights the tensions between court victories and the practical consequences of a conviction lingering on official records. Hayes notes that U.S. authorities have already erased all details of his Libor conviction from their records, with the FBI moving swiftly to reflect his exoneration. He contrasted that with the United Kingdom, where he says the Supreme Court does not usually handle criminal-record updates, leaving him stuck in bureaucratic limbo.

The visa issue would allow Hayes to travel to Australia for the first time since his conviction, potentially for the Ashes series in Perth in November. He quips that the trip hinges on securing a ticket to the Test matches—a lighthearted note amid a case-turned-bureaucratic saga. 'That’s if I can get a ticket to the Ashes,' he joked, underscoring how personal plans are caught in the broader process.

The broader Libor affair, which rocked global financial markets during the financial crisis, continues to shape public and regulatory scrutiny of London’s financial system. Hayes was the first person to be jailed in connection with Libor manipulation; the scandal ultimately led to fines and settlements with major banks and spurred reforms aimed at improving benchmark rates and oversight. While the Supreme Court’s 2025 ruling concluded Hayes’s criminal case, his experience has underscored ongoing questions about how former defendants are treated once higher courts overturn verdicts and how quickly administrative procedures align with judicial outcomes.

Hayes has said the consequences extend beyond personal hardship. The case contributed to the collapse of his marriage during his years in prison and, to date, he has not received compensation for the miscarriage of justice he believes occurred in his case. He has since started building a life with a new partner and their daughter, Themis, who is named after the Greek goddess of justice. He described his inability to travel and to move forward with his life as a direct consequence of the mismatch between a court ruling and the way records are updated and shared across agencies.

For his part, ACRO reiterated that they cannot discuss individual cases, but the public record continues to show a conviction that the Supreme Court has overturned. Hayes expects, and hopes, that a streamlined administrative action—one court order to discharge the conviction from the national database—will allow him to proceed with his travel plans and begin to rebuild his life in earnest. He remains hopeful that the visa issue will be resolved in time for his family’s trip and for the chance to pursue future opportunities in travel and re-engagement with the broader world that his early release had afforded him the opportunity to re-enter.

As the Libor-era narrative gradually shifts from courtroom drama to the practicalities of clearing records and restoring rights, Hayes’s case provides a rare look at how administrative processes can lag behind judicial outcomes, with real-world consequences for individuals, families and the credibility of financial-markets reform. The resolution, he says, should be simple: once a court order discharges the conviction, the record should reflect his cleared status so that he can travel, obtain visas and, ultimately, move on from the shadow of a decision that the highest court in the land has overturned.

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