The PRA’s recent Consultation Paper (CP10/25) on enhancing banks’ and insurers approaches to managing climate-related risks provides clearer guidance on the PRA’s expectations with regards to governance in this evolving area (with potential read-across for other types of risks and for a range of different firms). Set out below is a checklist of
ESG and D&I
PRA proposes updates to supervisory expectations on managing climate-related risks


On 30 April 2025, the Prudential Regulation Authority (PRA) published consultation paper CP10/25 – Enhancing banks’ and insurers’ approaches to managing climate-related risks – Update to SS3/19.
Background
The PRA explains that since it first set expectations for firms on climate change in 2019, firms have begun to build their climate-related risk…
FCA provides update on extending SDR to portfolio management


On 30 April 2025, the Financial Conduct Authority (FCA) updated its webpage for consultation paper CP24/8 on extending the Sustainability Disclosure Requirements (SDR) and investment labels regime to portfolio management.
Background
The FCA has previously published a consultation paper, CP22/20, and subsequent policy statement PS23/16 which introduced a package of…
Global Regulation Tomorrow Plus: Financial services regulation and the carbon markets – the UK perspective
In the latest episode of our podcast series, Hannah Meakin, Saaraa Alimahomed and Simon Lovegrove discuss carbon trading, and the UK financial service regime.
Listen to our podcast here.
Key takeaways for regulatory investigations lawyers from the Regulatory Initiatives Grid

- ‘Name and shame’ proposal: The new RIG reflects the FCA’s 11 March 2025 letter to the Treasury Select Committee
FCA shares feedback and response to DP23/1 on finance for positive sustainable change


On 2 April 2025, the Financial Conduct Authority (FCA) published the feedback it received to discussion paper DP23/1 on finance for positive change, along with its response and next steps.
Background
DP23/1 was published in February 2023, with the aim of encouraging an industry-wide dialogue on firms’ sustainability-related governance, incentives and competences. The…
FCA publishes voluntary survey for ESG ratings providers


On 25 March 2025, the Financial Conduct Authority (FCA) launched a voluntary survey to inform the future regulation of ESG ratings and broader sustainability disclosures.
The FCA explains that as it develops the future regulatory regime for ESG ratings providers, it is engaging widely to inform its approach, which includes ESG ratings providers…
FCA sends a clear message on non-financial misconduct

On the same day as HM Treasury’s publication of an action plan setting out a ‘new approach’ to ensure regulators support growth, the Financial Conduct Authority (FCA) has sent a clear message to the financial services industry that it is prepared to tackle non-financial misconduct which it considers demonstrates a lack of integrity…
FCA drops ‘name and shame’ and D&I proposals: key takeaways for firms
- to implement a new public interest test for announcing investigations into regulated firms (known as the ‘name and shame’
Changes to the ESG sourcebook – did you see Handbook Notice 127?
On 28 February 2025, the Financial Conduct Authority (FCA) issued Handbook Notice 127.
Given that Handbook Notices are fairly routine in the sense that they refer to Policy Statements that have already been published together or contain miscellaneous amendments to the Handbook they can easily be overlooked. But on this occasion, Handbook…