UK regulators have announced a set of new detailed deadlines for banks and others to phase out use of the discredited Libor interest-rate benchmark over the course of this year — the latest in a series of warnings that banks are not moving fast enough.

In a notice issued on 16 January, the Bank of England and Financial Conduct Authority said banks need to stop issuing new cash products linked to sterling Libor by the end of September and “significantly reduce” the number of existing contracts in circulation that reference the rate.