The FCA welcomes the Government’s consultation on a new benchmarks regime for the UK.
Since the introduction of the current regulatory framework, the financial landscape has evolved significantly. We now have an opportunity to build a regime that is more targeted to current market conditions and to reduce unnecessary burdens on industry, without compromising high standards. We are working with the Government to reform the current benchmarks regime to ensure that the regulatory framework remains proportionate, effective and tailored to UK markets.
We will consult on the regulatory requirements in due course. As we develop our regime, we will engage widely to inform our approach, including with benchmarks administrators, users, and other regulatory bodies.