The UK government is set to press ahead with plans to regulate agencies that evaluate the environmental, social and governance performance of companies, the latest in a global crackdown on the sustainable ratings industry. Ministers intend to unveil formal proposals as early as January next year following a three-month consultation that closed in June, Whitehall insiders told the Financial Times.
The FCA, the UK’s markets regulator, has been encouraging the industry to adopt a voluntary code of conduct currently under development, in part because of its uncertainty about its formal powers to oversee the sector. A working group created at the instigation of the FCA is due to publish the voluntary code for ESG data and rating providers next month.
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