Benchmark supervision

Benchmark administrators, contributors and users are supervised by the Benchmark Supervision team, a specialist team within FCA’s Wholesale Supervision Division.  The purpose of the information below is to inform benchmark administrators, contributors and users how to contact us.

Approach to Supervision

In the first half of 2018 we consulted on Our Approach to Supervision and a final document is expected to be issued in December 2018. You can find out about FCA Supervision at: https://www.fca.org.uk/about/supervision.

Information for benchmark administrators

The EU Benchmark Regulation (BMR) introduced a new regime for benchmark administrators which ensures the accuracy and integrity of benchmarks.  Below is some relevant information for benchmark administrators on notifications and fees.

Benchmark notifications

BMR does not require an authorised administrator to notify us of new benchmarks or families.  However, if you wish to do so you may update the benchmark schedule you used during the authorisation/registration process and send it to us via email at: [email protected].

You must notify us however if you wish to apply any exemptions in relation to your new benchmarks in accordance with Articles 25(1) and 26(1) BMR.

Articles 26(2) and 24(3) BMR require administrators to notify the FCA in the event their benchmarks change categories, i.e. they move from significant to non-significant and vice versa. 

In addition, we would be grateful if you inform us:

  • If the estimated usage of a significant benchmark you administer is close to or reaches the critical benchmark thresholds set out in Article 20(1) BMR (in which case we would then get in touch with you in respect of any next steps).
  • If you intend to or begin to administer a significant benchmark.
  • If you intend to or begin to administer a benchmark with contributors.

For any notification in respect of exemptions, changes or updates to existing benchmark categorisations or types you should notify us via the dedicated email address: [email protected].

Fees and levies consultation

We carried out a consultation on fees and levies in the first half of 2018 which applies to benchmark administrators.  The Policy Statement was published in July 2018.  For further information, please see the following page: https://www.fca.org.uk/publications/consultation-papers/cp18-10-fca-regulated-fees-and-levies-rates-proposals-2018-19.

Contacting us

We have a dedicated Customer Contact Centre to help you with general queries, including general regulatory questions. To get in touch, visit: https://www.fca.org.uk/contact.

For regulatory enquiries specifically related to benchmarks, you may wish to contact the FCA Benchmark Supervision team via email at [email protected].