Taxonomy, Disclosures and Labelling


We are very pleased that UKSIF is a member of the UK government’s Green Technical Advisory Group (GTAG) and the FCA’s Disclosures and Labels Advisory Group (DLAG). We were appointed to both advisory groups in 2021, and have looked to actively represent our members’ views in these forums while driving forward our mission to make rapid progress towards the UK’s sustainability goals.

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Green Technical Advisory Group (GTAG)

The GTAG is advising the government on the delivering of the UK’s ‘green taxonomy’ – a common framework setting the bar for investments that can be defined as environmentally sustainable. It is chaired by the Green Finance Institute, comprised of 18 representatives, and will be making non-binding recommendations to government on the taxonomy. To date, the GTAG has provided formal advice to government on: the taxonomy’s use-cases, approaches to considering the on-shoring of the EU’s Technical Screening Criteria (TSC), lessons learned from taxonomy development efforts outside the UK, and the pros and cons of UK diverging from the EU taxonomy.

UKSIF has been chairing a dedicated work-stream on providing market certainty and managing expectations on taxonomy evolution. As part of this, we organised an industry-wide survey towards the end of 2021 to gauge members’ views on the value for extending the UK’s taxonomy in future to cover transitional economic activities and social issues. The survey’s results were presented to government at the final meeting of the GTAG in 2021, and we envisage they will play an important part in informing the government’s work on the taxonomy going forward.

Details on the purpose of the GTAG, its membership and the meeting minutes can all be read here. For the latest UKSIF member updates on the development and direction of travel of the UK’s taxonomy, you can head to the Analysis and Intelligence section of the website.

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Disclosures and Labels Advisory Group (DLAG)

The DLAG is advising the FCA on the design and implementation of the Sustainability Disclosure Requirements (SDR) regime and labelling system. It is composed of a range of relevant stakeholders, including industry experts, academia and consumer representatives, and meets regularly to provide the regulator with feedback, technical advice and constructive challenge as work develops. Its initial meetings were held towards the end of 2021, and we expect sub-groups to be established shortly to explore specific areas.

To date, we have been consulting our members as part of our membership of the DLAG, including on the following areas: the extent to which SDR can remain consistent with the EU’s SFDR, how disclosure requirements under TCFD and SDR can be streamlined, how existing industry initiatives could be leveraged for the UK’s labelling system, and whether a third-party should verify firms’ approach to disclosures and product labelling. For the latest UKSIF member updates on our involvement in the DLAG, you can head to the Analysis and Intelligence section of the website.

UKSIF’s response to the FCA’s Discussion Paper on Sustainability Disclosure Requirements (SDR) and investment labels is available to read here.

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