FCA ESG Rules: The Next Deadline For U.K. Private Fund Managers

In our previous client alert, Back to Work: The FCA's 2022-23 Priorities for Private Fund Managers, we mentioned the need for FCA-authorised private fund managers with assets under management (AuM) of over £5 billion and who are subject to the FCA rules and guidance contained in the FCA's Environmental, Social, and Governance Sourcebook (ESG Rules set out in PS21/24), to be in a position to comply from 1 January 2023.

The output which compliance is designed to achieve are climate-related disclosures under the ESG Rules, which managers will have to make by 30 June 2024.

For large managers, with AuM of over £50 billion (and asset owners with £25 billion or more assets under management or administration in relation to their in-scope business), to whom the ESG Rules already apply, having come into force on 1 January 2022, the disclosure deadline is 30 June 2023.