UK: call to join an FCA ESG ratings reporting pilot

Opportunity to join a reporting pilot

The FCA has invited ESG rating providers to participate in a pilot scheme for its newly proposed reporting regime.

This follows the FCA's publication of draft ESG rating provider requirements in December 2025 and the UK government's enactment of legislation in October 2025, which will place ESG rating providers under FCA supervision. 

Transparency is a focus of the legislation and the FCA requirements.

Purpose of the pilot

The FCA states that the pilot aims to avoid unnecessary reporting burdens by assessing whether the proposed metrics are clear, feasible, proportionate, and suitable for supervisory purposes. 

As to the pilot's origins, the FCA reminds firms about its commitment set out in page 46 of CP25/34 that it intends to engage with market participants on a voluntary basis to explore data availability and accessibility, including access to non-public datasets.

Timing and next steps

To join the pilot, firms need to email the FCA at esgratingspolicy@fca.org.uk by 13 May 2026.

Information about the pilot can be found here.

The FCA intends to finalise its rules for ESG rating providers in Q4 2026, with the requirements taking effect from June 2028.