Bank of England tells banks and insurers to act now on LIBOR transition

LONDON (Reuters) - British banks and insurers need to take steps now to prepare for the phasing-out of the LIBOR interest rate benchmark, the Bank of England said in a letter to chief executives on Wednesday.

"The purpose of the letters is to seek assurance that firms' senior managers and boards understand the risks associated with this transition and are taking appropriate action now so that firms can transition to alternative rates ahead of the end of 2021," the BoE said in a statement.

(Reporting by David Milliken; editing by Louise Heavens)