At the recent Innovate Finance Global Summit, Jessica Rusu, Chief Data, Information, and Intelligence Officer of the UK’s Financial Conduct Authority (FCA), delivered a speech highlighting the importance of innovation, AI, and data-driven regulation in the future of finance.
The UK Government recently published its new Green Finance Strategy, outlining its goal to become the world’s first net-zero financial centre. The strategy includes updates on greenhouse gas reporting, net-zero transition plans and associated disclosures, and the expected implementation of the International Sustainability Standards Board (ISSB) standards.
The UK’s Financial Reporting Council (FRC) has identified digital reporting and tagging, including of ESG (Environmental, Social, and Governance) information, as a high priority area for its technology and digital strategy.
The UK’s Financial Conduct Authority (FCA) has received positive feedback on its proposals to improve sustainability information available to investors. The proposals aim to build trust in sustainable investment products and to help consumers make better-informed decisions when navigating the market.
The Bank of England (BoE) has recently published the latest updates for those following the initiative it is leading together with the Financial Conduct Authority (FCA) to transform data collection in the UK financial sector.
The UK Financial Reporting Council’s Lab – designed as a workshop space for investors and companies to work together on solutions for reporting needs – has published its latest insight into emerging artificial intelligence in reporting.
The UK’s Levelling Up, Housing and Communities Committee (LUHCC) is launching an inquiry into financial reporting and audit in local authorities following calls for more understandable local authority financial statements.
The Bank of England is undertaking research into voluntary climate-related disclosures of UK financial institutions via machine learning. The research aims to understand asymmetries between firms and investors, look at how disclosure practices differ across firms, and to shed light on the decision of whether to make climate-related reporting mandatory.
The UK Financial Reporting Council (FRC) has re-released an updated version of the 2023 taxonomy suite following an issue.
While some regulators and stakeholders within the disclosures world see the increase in sustainability reporting as something that should solely reflect financial risk and opportunity, others see additional Environmental, Social, and Governance (ESG) reporting requirements as an opportunity to nudge behaviour.
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