Featured Product

    FCA Sets Out Priorities on Climate Change and Green Finance

    October 16, 2019

    FCA published feedback statement (FS19/6) on its October 2018 discussion paper (DP18/8) on climate change and green finance. Through the discussion paper, FCA sought views on the potential FCA action on climate change and green finance, in line with its strategic objective of ensuring that relevant financial markets function well. The statement identifies a number of priorities that will provide a foundation for the future work of FCA in this area. These priorities include issuers’ climate change disclosures, regulated firms’ integration of climate change risk and opportunities into their decision-making, and consumers’ access to green financial products and services.

    The feedback statement applies to policy makers and regulatory bodies, regulated firms, issuers, investors, and advisers to issuers and investors, industry groups/trade bodies, industry experts and commentators, consumer groups and individual consumers, charities, and academics and think tanks. The statement sets out the key actions FCA will take:

    • Consult in 2020 on new rules to improve climate-related disclosures by certain firms and clarify existing obligations
    • Finalize rule changes requiring Independent Governance Committees to oversee and report on firms’ environmental, social, and governance (ESG) and stewardship policies
    • Publish a feedback statement in response to a joint Discussion paper with the Financial Reporting Council on Stewardship, setting out actions to address the most significant barriers to effective stewardship
    • Clarify expectations about consumer access to green financial products and services and take appropriate action to prevent consumers from being misled
    • Continue to contribute to several collaborative initiatives, including the Government-led cross-regulator taskforce on disclosures and the Climate Financial Risk Forum (CFRF), which was established with PRA earlier this year.

    FCA had received 73 responses to the discussion paper from a range of stakeholders, including regulated firms, trade bodies, and think tanks. The feedback has been summarized under five key themes: climate-related disclosures by securities issuers; climate-related disclosures by regulated firms; common metrics and standards on sustainability; stakeholder concerns, commercial priorities, and barriers to growth; and industry engagement. 

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Climate Change, Green Finance, Climate-Related Disclosures, FCA

    Related Articles
    News

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News
    News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News
    News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News
    News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News
    News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News
    News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News
    News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News
    News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News
    News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News
    News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938