Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Benchmark definition

What does Benchmark mean? A benchmark is a reference index or measure used in legal and regulatory documents to assess an investment fund’s performance, set investment constraints or calculate fees. Examples include equity indices such as the FTSE 100; many mandates use customised or composite benchmarks aligned to client objectives (for example, liability‑driven pension benchmarks). Following the UK Myners principles, simple peer‑group comparisons are generally discouraged. In financial regulation the term is also defined in the Benchmarks Regulation (EU) 2016/1011: in the UK as retained EU law (supervised by the FCA) and in Ireland as EU law (supervised by the Central Bank of...

Benchmark manipulation enforcement and reforms: LIBOR/EURIBOR, FX and gold—regulatory and criminal actions, competition fines, litigation, Wheatley Review, and Benchmarks Regulation powers

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Practice notes

ARCHIVED: This Practice Note is archived and is no longer being maintained or updated.

Financial Services Enforcement Database:

It contains comprehensive details of all substantive FCA and PRA Final Notices and, where obtainable, Decision Notices from 2014 onwards.

The Database, available here, can be searched and filtered by rule breach, keyword (including ‘LIBOR’), sector, date, seriousness, aggravating and mitigating factors, financial penalty, and by other actions such as referrals to the Upper Tribunal.

Before LIBOR reform, significant and widespread worries about how financial market benchmarks were administered and manipulated prompted investigations by regulators across the globe, culminating in enforcement and criminal proceedings.

Partly as a consequence of these actions, changes were made to the way in which these benchmarks are run and administered.

Areas targeted by enforcement included foreign exchange, gold fixing and gilts, among others, although most regulatory action and media focus centred on the manipulation of LIBOR.

This Practice Note summarises enforcement activity relating to the manipulation of benchmarks, including LIBOR, EURIBOR, foreign exchange (forex or FX), and gold benchmarks...

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Web page updated on 21/05/2026

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