The FCA recently confirmed its first ESG-related enforcement investigation and it appears likely from further information which has since emerged that the investigation concerns climate-related issues but not greenwashing.
The investigation was referenced by the FCA on 7 May 2024 in a letter from the FCA to the Chair of the Treasury Sub-Committee on Financial Services Regulations in response to a letter from the Sub-Committee regarding the FCA’s Consultation Paper CP24/2, which included proposals to ‘name and shame’ by announcing the opening of enforcement investigations into firms. In that letter, the FCA explained that in 2023/24 it had opened 11 investigations into regulated firms, 4 investigations into listed firms and 12 investigations into unregulated firms and that one of the 11 investigations into regulated firms was an ESG-related case. The letter stated that the issues of concern in that investigation had been a matter of supervisory focus with the firm for more than tw
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