UK SDRs Pushed Back to Q4

The UK’s Financial Conduct Authority (FCA) has delayed the publication of the Sustainability Disclosure Requirements (SDR) policy statement from Q3 to Q4 of this year, with the resulting implementation of its labelling scheme, product naming and marketing rules now expected H2 2024. The statement was previously expected 30 June, but was delayed due to a significant number of consultation responses. The regulatory initiatives grid update said the SDR policy changes “will help the UK’s asset management sector thrive by setting standards that improve the sustainability information consumers have access to”. James Alexander, CEO of UKSIF, 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. This delay is symptomatic of the slow pace of implementation of other policies announced in the Green Finance Strategy in March this year, including corporate disclosure requirements and the Green Taxonomy, which must all be progressed as a matter of urgency. If the government is serious about making [London], and the UK as a whole, a global leader in green finance, it needs to deliver, not delay.” 

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