KPMG head of ESG for financial services, Richard Andrews, has offered commentary on the FCA’s anti-greenwashing rules (AGR), which have now come into full effect.

Andrews said: “While we expect the FCA to take a pragmatic approach and give authorised firms some leeway while they embed the AGR expectations, firms should not underestimate the scale of work required.

“They will need to be able to demonstrate that they have understood the scope of the requirements and are able to substantiate sustainability-related claims in all their communications relating to financial services and products in the UK. They also need to consider the wider implications of any claims made at firm level and the impacts these could have on the perception of their operations. 

“Prioritisation of the review of existing sustainability-related comms based on a clear set of criteria and consistent guidance will be key. Firms should also focus on developing robust, forward-looking controls to ensure that future comms regarding products and services are aligned to the AGR.”

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