On 27 October 2025, there was published on legislation.gov.uk a draft of the Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 together with an explanatory memorandum.

The draft Order brings the provision of an Environmental, Social or Governance (ESG) rating into regulation under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) by making it a specified kind of activity, when that rating is likely to influence a decision to make an investment specified in Part 3 of the RAO. This will require providers of an ESG rating to be authorised and supervised by the Financial Conduct Authority (FCA).

The FCA has also issued a press release welcoming the draft legislation. It states that it intends to consult on its proposed rules before the end of the year.