The deadline for feedback is 10 May.Xi, who secured a precedent-breaking third leadership term in October, is planning to resurrect the Central Financial Work Commission (CFWC), which will be directly under central party leadership, two people briefed on the matter told Reuters.Ī decision to revive the commission may be revealed following the annual gathering of the National People’s Congress (NPC), the people said. The FCA said the paper was part of the commitment to start stakeholder engagement on ESG governance, remuneration, incentives and training and certification in regulated firms that it had made in its November 2021 “Strategy for Positive Change”.īut initiating such a discussion in the industry also supported the government’s expectations that the authority heed its ambitions for the provision of sustainable finance, the FCA said, referencing a December 2022 letter it had been sent by the Chancellor of the Exchequer Jeremy Hunt.
“We want to help narrow this field and highlight good, evolving practices while considering whether there is a case for further regulatory measures in this area,” the authority said.
It described sustainability within finance as “a fast moving and evolving field” where many initiatives were taking place. The FCA said it was “committed to supporting the role of the financial sector in enabling an economy‑wide transition to net zero, and to a sustainable future more broadly”. The watchdog said in its launch statement: “To help the financial industry deliver against its potential to drive positive sustainable change, we are encouraging an industry-wide dialogue on firms’ sustainability-related governance, incentives, and competence”. The paper, “DP23/1: Finance for positive sustainable change”, was published on Friday and is aimed at all regulated firms in the financial sector, but in particular at banks, building societies, insurers as well as asset management and investment firms, according to the FSA. The UK’s Financial Conduct Authority has launched a discussion paper to canvas views from the country’s financial firms about how the sector is incorporating sustainability considerations and what may need to be done to make things work better in that regard.
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