On 11 November 2025, published a speech given by Alicia Kedzierski (Head of Department, FCA Sustainable Finance Division) entitled Raising standards in transition finance: clarity, coherence, collaboration.

Key messages in the speech include:

• The FCA has seen improvements in the sustainability-linked loans (SLL) market.
• Cases where borrowers miss targets in SLLs should not be seen as failure by default. If the targets are ambitious, then missing them and incurring a higher cost of capital is a sign the product is working.
• It is important to be clear what is meant by the term ‘transition finance’ and also that transition finance products do not overlap or compete with other product categories.