On 20 March 2023, the FCA published a Dear CEO letter to benchmark administrators setting out the findings of its preliminary review into ESG benchmarks. The review covered: (i) the quality of disclosures made by a sample of UK benchmark administrators; and (ii) the robustness and reliability of ESG benchmarks themselves. The FCA’s key finding was that the overall quality of ESG-related disclosures made by benchmark administrators is currently “poor”.