The Financial Conduct Authority (FCA) has revealed it will push back the introduction of its sustainability disclosure requirements for asset managers.
ESG Today noted that the organisation will also delay the introduction of ESG labelling rules for investment products.
The FCA said that the delay will enable it to consider the significant response to its consultation of the new rules, which secured around 240 written responses.
The regulator had originally planned to release its policy statement on the new requirements in H1 of this year, however it has stated it now plans to publish this in Q3.
The FCA said in a statement, “There is broad support for the proposed regime and outcomes we are seeking to achieve, and we have received rich, constructive feedback on some of the detail.”
“We are carefully considering the feedback to ensure that first and foremost the regime protects consumers but also recognises and takes account of any practical challenges that firms may have.”
In addition, the FCA confirmed that its upcoming policy would not require independent verification of product categorisation to qualify for a label. The regulator indicated that the rules would allow for measures to accommodate products that may not qualify for a label, but nevertheless have some sustainability-related characteristics.
FCA continued, “A strengthened regulatory framework for these products will increase opportunities and competition in the market and help foster growth and the demand and supply of products that better suit consumers’ needs and preferences.”
The FCA has recently revealed it has completed a preliminary review on ESG benchmarks.
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