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FCA consults on ESG ratings regime

MSCI logo on phone screen with ratings.
Photo: Cheng Xin/Getty Images

The proposals address well-documented concerns about opacity, reliability, and independence in the ESG ratings market.

Following on from the publication of UK legislation regulating ESG ratings (see our previous article Legislation finalized as UK moves to regulate ESG ratings), on December 1, 2025, the FCA consulted (CP25/34) on a comprehensive regulatory framework for ESG rating providers.

The proposals are aimed at improving transparency, governance, systems and