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The FCA anti-greenwashing rules

🚨 FCA anti-greenwashing rules released today. 🚨

A heads up to all our banking clients that the FCA has released its anti-greenwashing rules today as part of its Sustainability Disclosure Requirements (SDR) policy statement (PS23/16). The rule states that firms must ensure that any reference they make to the sustainability characteristics of their financial products and services are consistent with the sustainability characteristics of the product or service and are fair, clear and not misleading.

In summary, sustainability references should be:

  • Correct and capable of being substantiated

  • Clear and presented in a way that can be understood

  • Complete - they should not omit or hide information and should consider the full life cycle of the product or servuce

  • Fair and meaningful in relation to any comparisons to other products or services

Although originally intended to come into immediate effect, the FCA has set an implementation date of 31 May 2024.

In the meantime, all authorised firms should:

•  Prepare for the new anti-greenwashing rule if they make claims about the sustainability characteristics of their products or services, to ensure sustainability claims are fair, clear and not misleading (before 31 May 2024)

•  Read the FCA’s consultation on further guidance to the anti-greenwashing rule (GC23/3, open until 26 Jan 2024)


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