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Contents

• Climate-related disclosures for asset managers and FCA-regulated pension schemes: FCA correspondence

Climate-related disclosures for asset managers and FCA-regulated pension schemes: FCA correspondence

Correspondence about climate-related disclosure requirements for asset managers and UK Financial Conduct Authority (FCA) regulated pension schemes, between Christopher Woolard, FCA Interim Chief Executive, and Guy Opperman, Minister for Pensions and Financial Inclusion, has been published.

A letter from Mr Woolard confirms that the FCA:

• intends to consult on implementing disclosures that align with Task Force on Climate-related Financial Disclosures (TCFD) recommendations for asset managers and contract-based pension schemes in the first half of 2021. It is likely that the rules will be finalised by the end of 2021, with new obligations coming into force in 2022;
• will be mindful of the interaction of these requirements with related international initiatives, including the Sustainable Finance Disclosure Regulation (SFDR); and
• consider guidance published by the Climate Financial Risk Forum (CFRF) in June 2020 that focuses on how financial services firms approach and address climate-related financial risks.

In response, Mr Opperman's letter welcomes the timeline and suggests that the rules should apply to all fund managers at the product level, irrespective of assets owned.

[View source.]