This isn't the first time an announcement or speech like this has been made, in fact the FCA covered the same ground in January 2019. One extract worth highlighting:
"One scenario is that Intercontinental Exchange (ICE) Benchmark Administration, or IBA, ’the administrator‘ of LIBOR, announces in advance that it will cease the publication of particular currency-tenor combinations. Such a process has been followed before. For example, for the now discontinued LIBOR reference rates once published for various other currencies. By way of another example, publication of the 2-month Yen Tokyo Interbank Offered Rate (TIBOR) rate will cease on 1 April this year, having been announced in February 2017. But cessation is easier for currency-tenor pairs that are little used. For the most commonly-used LIBOR rates, there may be loud demands to continue publication from those who were slow, and in some cases, unable, to transition away from LIBOR in their outstanding contracts. That demand for continued publication may be increasingly difficult to satisfy after 2021 as the number of panel banks willing to contribute to determining the rate declines. With every bank that leaves the LIBOR panels, the problem of capturing enough transactions to underpin robust calculation of the rate becomes more severe."