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FCA Delays SDRs Implementation

Following “significant response” to its consultation on the proposed Sustainability Disclosure Requirements (SDRs), the UK’s Financial Conduct Authority (FCA) is delaying its Policy Statement until Q3. The regulator’s anti-greenwashing rule was set to come into force on 30 June, with the SDRs labelling and disclosure reforms slated for 2024. However, the FCA said these proposed effective dates “will be adjusted accordingly”. The FCA said it will be “considering our approach to the marketing restrictions, refining some of the specific criteria for the labels and clarifying how different products, asset classes and strategies can qualify for a label, including multi-asset and blended strategies”. Further, the regulator intends to clarify that primary and secondary channels for achieving sustainability outcomes are not prescribed, and that independent verification of product categorisation is not required to qualify for one of the three proposed labels. The FCA said: “There will be a place for all in-scope products within the overall package measures. We agree it is important that consumers can navigate to those products that meet their needs and preferences. This includes products that may not qualify for a label, but nevertheless have some sustainability-related characteristics.”  

 

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