A second delay to the FCA’s sustainability disclosure regulations has been called “deeply disappointing” by those in the industry.
Nikhil Rathi, CEO of the FCA, and Sam Woods, deputy governor of prudential regulation at the Bank of England said an update on the sustainability disclosure regulations is now planned for the last quarter of 2023.
The note reads: “These policy changes will help the UK’s asset management sector thrive by setting standards that improve the sustainability information consumers have access to.”
The body previously announced its first delay to the regulations in March 2023.
James Alexander, chief executive of the UK Sustainable Investment and Finance Association said: “It is deeply disappointing to see yet another delay to the publication of the finalised SDR and fund labelling regulations.
“We see these as crucial in the development of the UK’s sustainable finance leadership and building trust for consumers, and essential to give certainly to the industry on future regulatory requirements.”
Alexander added that he thinks the delay is “symptomatic” of the slow pace of implementing of other policies announced as part of the Green Finance Strategy in March.
The new regulations are expected to go further than the EU’s rules and should increase transparency on the the sustainability profile of products and firms.
The FCA carried out consultation on the proposals which closed in January and received 240 comments.
The body said the range of comments to the consultation was one of the reasons for pushing back the publication of the policy statement.
tara.o'connor@ft.com
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