- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-11-29T19:49:00
The Financial Conduct Authority (FCA) will implement a series of rules to minimize instances of “greenwashing” in the U.K. market.
The regulation package, confirmed by the FCA and announced Tuesday, contains two sets of rules and an investment labels regime all set to take effect during 2024.
The anti-greenwashing rule will apply to all FCA-authorized firms who make sustainability-related claims about their products and services. The regulator will pay scrutiny to how terms like “ESG,” “green,” and “sustainable” are used in marketing to ensure any such claims are fair, clear, and not misleading.
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The U.K. Financial Conduct Authority is pushing back the date for some firms to comply with its naming and marketing rule amid struggles to prepare for it, the FCA said Monday.
The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
Two U.S. subsidiaries of Brazilian meat processing company JBS are the subject of a lawsuit filed by the New York attorney general accusing the businesses of using misleading statements and marketing regarding their environmental commitments.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
