The Bank of England (BOE) has a message for financial businesses exiting the scandal-plagued London interbank offered rate (LIBOR) benchmark: Get moving.

It issued a statement on Thursday giving banks until September to cease issuing cash products linked to sterling-denominated LIBOR, a benchmark which underpins $30 trillion of financial contracts in sterling markets alone. The direction is part of a wider effort to speed up transition in the derivatives market before the benchmark expires at the end of 2021.

"There is a lot to be done," said Simon Woods, a partner at Ernst & Young LLP. "Firms not being ready gives rise to commercial and regulatory risks, and we expect some banks may need to reprioritize their change programs to hit many of the upcoming deadlines."

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