The FCA has published a thematic review report (TR15/11) setting out the findings of its review of firms’ oversight and controls relating to financial benchmarks. The FCA had sampled twelve banks and broking firms, assessing the extent to which firms have acted in response to historic misconduct relating to benchmarks and failings highlighted by benchmark enforcement cases.

The FCA found that all firms reviewed had made changes to their approach to benchmark activities, though the application of lessons learned from the LIBOR cases to other benchmarks had been uneven across the industry and often lacked the urgency required given the severity of recent failings.

For the full report, click here.