The FCA found that while "some progress" has been made, firms still have to do further work to identify the full range of their benchmark activities and improve their management of the associated risks.
In particular, the FCA has said that firms need to better identify and manage conflicts of interest, fully identify their benchmark activities across all business areas, and implement appropriate training programmes.
Tracey McDermott, director of supervision – investment, wholesale and specialists at the FCA, said:
"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.
"We recognise that this is a significant task and firms had made some improvements, but the consistency of implementation and speed at which these changes have been taking place is disappointing. Firms should take our findings on board and consider further steps to improve their oversight."