The SFO has charged former UBS and Citigroup trader Tom Hayes with 8 counts of the old common law offence  of conspiracy to defraud. Charges under Section 91 of the new Financial Services Act 2012 were not available to the the SFO as the date of the allegations are before this Act came into force.  It remains to be seen whether any bank officials higher up the chain of command in relation to LIBOR scandals will be charged with any criminal offences.