FCA Seeks Feedback for Sustainability

On Friday, February 10, the UK Financial Conduct Authority (FCA) released a discussion paper. Views on sustainability-related efforts are sought.

The FCA is committed to taking an active role in supporting the financial sector to help the entire economic marketplace transition to net zero and a broader sustainability future. To actively explore the potential for sustainable change in the sector, the FCA encourages industry-wide views on firms' sustainability governance, incentives, and competence. It will also consider whether further regulatory measures are necessary for this area.

Sacha Sadan, director of ESG at the FCA, wrote: "As a regulator, we are committed to playing our part in the government's vision for the UK to be the world's first net zero aligned financial centre. In the Chancellor's latest remit letter to us, the Government called out the important role the FCA has and requested that we have regard to their ambitions for the provision of sustainable finance and their commitment to a net zero economy by 2050. But creating positive, sustainable change isn't just about climate change. It’s about looking beyond and considering the wider environmental issues, such as biodiversity and nature, as well as social and governance issues, such as diversity and inclusion, the living wage, fair taxation and supply chains.

The discussion period will last until October 5th of this year, and contributors can fill out the online form to respond to the discussion paper.

(Source: Finextra)