KPMG comments on the FCA’s anti-greenwashing rules (AGR)

Richard Andrews, KPMG’s head of ESG for financial services, comments on the FCA’s anti-greenwashing rules (AGR), which come into force today:

“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.”

ENDS

About KPMG UK: 

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 18,000 partners and staff. The UK firm recorded a revenue of £2.96 billion in the year ended 30 September 2023.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.