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 and users. As part of this, it previously (in November 2024) invited firms from all sectors who may be users of ESG ratings and sustainability disclosures to respond to a survey.

ESG ratings providers are now being invited to complete a voluntary survey, which will inform the FCA’s cost benefit analysis and policy development and aims to help ensure that the future regulation is both proportionate and tailored to the needs of the market.

The survey requests information to help the FCA better understand the ESG ratings market, including the business models and group structures used to provide ESG ratings; how ESG ratings are constructed and distributed; and what policies and processes firms have in place. The FCA also wants to understand how firms interact with the broader sustainability disclosures, which will inform its approach to the future regulatory regime in this area. 

Next steps

Firms are encouraged to respond to the survey by 2 May 2025, although responses can be provided until 16 May 2025.