The new Labour government has set out plans to bring ESG ratings agencies under Financial Conduct Authority's (FCA) jurisdiction, as it called for industry feedback on its draft legislation to regulate such firms.
Following a wider consultation with key stakeholders, which it published on Thursday (14 November), the Treasury has also shared a draft Statutory Instrument (SI), on which it said it would welcome technical comments by 14 January 2025. Over recent months, the sustainable investment industry has clamoured for clarity from the government amid criticism from sustainable investment professionals about the lack of transparency behind how ESG ratings are calculated and applied. In August, prior to the release of the consultation results, Charles Stanley's head of responsible investing, P...
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