Regulatory review says there is disparity in adoption and speed of adherence
Britain’s Financial Conduct
Authority (FCA) has said more work is required by firms to
manage fully their benchmark risks, after Wednesday releasing
its thematic review of financial benchmarks.
The regulator said progress has been made
but more needs to be done by companies to improve management
over the associated risks linked to benchmarks and ensure they
have identified the full scope of their benchmark
"We have seen widespread historic
misconduct in relation to benchmarks. It is now critical that
firms act to restore trust and confidence in the system. Firms
should have in place systems to manage the risks posed by
benchmark activities and to address the weaknesses that have
previously been identified," said Tracey McDermott, director of
supervision – investment, wholesale and specialists at
the FCA on Wednesday.
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