UK - Benchmark administrators warned to improve ESG disclosure
24/04/2023
On 20 March 2023, the FCA published a Dear CEO letter addressed to benchmark administrators in which it highlighted widespread failings in ESG disclosure and warned of enforcement action if its expectations are not met in future.
The letter addresses issues identified during a preliminary review of ESG benchmarks conducted by the FCA and discusses shortcomings in several areas, including the level of detail provided in benchmark methodologies, cross-referencing, and the use of disclosure templates.