Asks for details on the number and value of contracts that will still need to be covered by the Bill. Raises concerns about the potential impact even if a small percentage of £300 trillion in LIBOR referencing contracts do not transition, emphasising the significance of such a scenario.

Expresses concern over whether moving away from LIBOR could result in greater borrowing costs for individuals. Inquires about potential implications on the cost of borrowing money as a consequence of transitioning away from LIBOR.

Mr. McFadden supports the need for continuity of contracts but expresses concerns about the costs and legal implications of synthetic LIBOR, particularly for mortgage holders. He asks why mortgages have not moved away from LIBOR despite regulator encouragement and highlights potential payment increases due to the 12 basis point difference between actual LIBOR and synthetic LIBOR. Mr. McFadden also inquires into the reasons behind this legislative action and whether it could lead to legal actions against the FCA or mortgage holders.

Supports the Bill but raises concerns about its wording, particularly regarding legal immunity for administrators of critical benchmarks. Highlights the importance of addressing concerns in the Lords about whether the level of immunity is sufficient and questions if safe harbour has additional risks compared to the Bill's approach. Emphasises the significant impact of £450 billion-worth of contracts potentially not transitioning smoothly despite LIBOR being used globally. Stresses that any issues could disproportionately affect those with mortgages, especially buy-to-let owners whose homes are affected by financial difficulties. Suggests keeping the door open for compensation schemes in future and queries potential risks in overseas legal jurisdictions due to the global nature of LIBOR. Also raises concerns about the FCA's accountability to Parliament through existing regulatory frameworks.

The Government are ensuring that contracts referencing LIBOR can continue to function until the end of the year. This is necessary for the smooth wind-down of LIBOR, which affects £472 billion worth of tough legacy contracts. The synthetic methodology will approximate the economic outcomes of the previous panel bank methodology while reducing volatility and avoiding manipulation. The Bill addresses legal uncertainty by ensuring that references in contracts to a critical benchmark include its synthetic form, thus preventing potential disputes over material changes or frustration of contract purposes.