Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Farmers Data Breach Could Impact 1M+ Customers
  • ‘Big Four’ Reinsurers Maintain Property-Cat Appetite
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

UK Firms Told to ‘Urgently Review’ Green Claims Amid Crackdown

By Greg Ritchie | April 24, 2024
Email This Subscribe to Newsletter
  • Article

Firms operating in the UK are being advised to go through any products and services around which some sort of sustainability claim has been made, to ensure they’re not in the crosshairs of a regulatory crackdown that’s due to take effect at the end of next month.

The Financial Conduct Authority’s plan to move ahead with anti-greenwashing rules has far-reaching implications for British businesses, and leaves them with only limited time to shield themselves from potential regulatory action, according to industry associations and consultants advising businesses.

“The rule will impact all products and services with sustainable features, not just those with a green/sustainable label, which means firms have a large review task to complete now within a short time period,” Richard Monks, sustainable finance partner at EY, said in an emailed statement. “Firms need to urgently review all products and services that are in scope, assessing their risk exposures and creating a clear strategy to reduce their greenwashing risk.”

The comments follow an update by the FCA, which on Tuesday confirmed it will stick with a May 31 enforcement date for its anti-greenwashing rule, despite considerable pushback from the country’s businesses. The regulation affects all FCA-authorized firms, with a view to enforcing broad consumer protections against misleading green claims, it said.

Oscar Warwick Thompson, head of policy and regulatory affairs at the UK Sustainable Investment and Finance Association, said the group welcomes the FCA’s “efforts to address greenwashing risks.” He also noted that “the turnaround for implementation is very tight, and we will continue to work with our members to help them get to grips with this guidance and the rule.”

The announcement was bundled with the launch of a consultation into expanding the scope of the FCA’s ESG investing rulebook, the Sustainability Disclosure Requirements, which gives market participants until June 14 to respond. The watchdog wants SDR to apply not just to fund managers but to all forms of portfolio investing including private markets.

The SDR plan envisages dividing funds with environmental, social and governance goals into four labeled categories, spanning impact to transition strategies. The FCA plans to start enforcing its expanded SDR rules on Dec. 2, pending consultation feedback. Firms will need to start producing ongoing product-level disclosures from one year later, with specific requirements depending on their size.

“The FCA hopes these measures will support the UK’s position as a world-leading, competitive center for asset management and sustainable investment,” it said. “It will also protect consumers by helping them to make more informed decisions when investing and enhance the credibility of the sustainable investment market.”

Photograph: Solar panels and a wind turbine at the local power grid, operated by EON SE, in Simris, Sweden, on Monday, April 19, 2021. Photographer: Mikael Sjoberg/Bloomberg

Copyright 2025 Bloomberg.

Topics Claims

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Gymnastics Coach at Renowned Iowa Gym Accused of Sexual Abuse
Farmers Insurance Data Breach Could Impact More Than a Million Customers
Arthur J. Gallagher Completes $13.5 Billion Acquisition of AssuredPartners
‘What About Legacy Admissions?’ Critics Ask as Trump Presses Colleges for Merit

Written By Greg Ritchie

More From Author

Interested in Claims?

Get automatic alerts for this topic.

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: asset management, Climate disclosure, environmental social and governance (ESG) criteria, Financial Conduct Authority (FCA), greenwashing, insurance asset management, net zero emissions, UK climate change
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
Hurricane Remnants Threaten Swiss Alps With Floods, Landslides
South Korea Agency Fines SK Telecom $97 Million Over Major Data Leak
Anthropic Thwarts Hacker Attempts to Misuse Claude AI for Cybercrime
Viewpoint: Why Reinsurance Industry Often Struggles to Manage Market Cycles
More News Features

Read This Next

  • UK Firms Told to 'Urgently Review' Green Claims Amid Crackdown
  • PE Firm B.P. Marsh Invests in New Collateralized Reinsurer to Support Growth of XPT
  • Pennsylvania Finally Gets Its $200M Slice of Insurance Association's Surplus Pie
  • Reinsurers Have Made Major Structural Changes to Improve Profits. Will Discipline Last?
  • Tesla Drivers Can Pursue Class Action Over Self-Driving Claims, Judge Rules

Insurance Jobs

  • Sales Agent - Encino, California
  • Insurance Account Executive/Manager Wanted Flexible Hours, Potential Equity - Dix Hills/Deer Park, NY
  • Commercial Surety Bond Underwriter – REMOTE - Remote
  • Premium Audit Manager - Walnut Creek, CA
  • Early Career Trial Attorney (Remote – New York) - New York, NY
MyNewMarkets
  • When Insurance Isn't the Optimal Risk Management Approach
  • Reputation Risk Can Overshadow Ransom in Cyberattacks, Aon Says
  • Tackling Cyber Risks: The Vital Role of Brokers in Third-Party Data Protection
  • DIY Home Inspections Are Taking Over, Firms Say
  • Six Things to Know About Umbrella Insurance
Claims Journal
  • FTC Sues LA Fitness for Making it Exceedingly Hard to Cancel Gym Memberships
  • EU Carmakers Warn Combustion Engine Ban Is No Longer Feasible
  • Peloton Must Face Shareholder Lawsuit Over Post-Pandemic Outlook
  • Most Losses in Destructive Eaton Fire Tied to Conflagration Hazard, Report Shows
  • 20 Years Later, Hurricane Katrina's Impact Echoes in Models, Mitigation and Reforms
Academy of Insurance education
  • August 7 EPLI Basics
  • August 14 Managing and Insuring Reputational Risk
  • August 19 How To Write: Flood
  • August 21 Workers' Comp Crash Course

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map