The United Kingdom Financial Conduct Authority found inconsistent progress in firms’ oversight and controls related to contributing data and designing, managing, administering and trading involving financial benchmarks. This was despite the numerous recent enforcement actions worldwide regarding a range of benchmarks including the London Interbank Offered Rate, G10 foreign exchange spot rates and commodity fix related to gold. According to FCA, while some firms “had made significant changes to their approach, others were still at an early stage in the process.” In particular, FCA expressed disappointment that “most firms had not yet taken all appropriate steps to identify and then manage fairly and effectively relevant conflicts of interest.” The FCA made its findings after a thematic review conducted between August 2014 and June 2015 “to provide an early assessment of the extent to which firms had learnt the lessons from previous failures around benchmark activities and taken appropriate action in response.”