PS23/16: Sustainability Disclosure Requirements (SDR) and investment labels

Consultation opened: CP22/20
Consultation closed: CP22/20
Policy Statement: PS23/16

We set out our final rules and guidance to help consumers navigate the market for sustainable investment products.

Read PS23/16 (PDF)

What we are changing

We are introducing a package of measures to help consumers navigate the market for sustainable investment products.

We are introducing:

  • An anti-greenwashing rule for all FCA-authorised firms to reinforce that sustainability-related claims must be fair, clear and not misleading. We are also consulting on supporting guidance.
  • Naming and marketing rules for investment products, to ensure the use of sustainability-related terms is accurate.
  • Four labels to help consumers navigate the investment product landscape and enhance consumer trust.
  • Consumer-facing information to provide consumers with better, more accessible information to help them understand the key sustainability features of a product.
  • Detailed information targeted at institutional investors and consumers seeking more information in pre-contractual, ongoing product-level, and entity-level disclosures.
  • Requirements for distributors to ensure that product-level information (including the labels) is made available to consumers.

The regime will help underpin the UK’s position as a world-leading competitive centre for asset management and sustainable finance.

Who this is for

  • Our anti-greenwashing rule applies to all FCA-authorised firms who make sustainability-related claims about products and services.
  • The investment labels, disclosure and naming and marketing rules apply to UK asset managers.
  • We have also introduced targeted rules for the distributors of investment products to retail investors in the UK.

Next steps

We are committed to supporting firms and consumers as we move to a more sustainable future. We will continue to engage with stakeholders directly, including to help firms implement the rules.


We consulted on a package of proposed measures in CP22/20, which aim to inform and protect consumers, enhance competition, and improve trust in the market for sustainable investment products.

We have carefully considered the extensive consultation feedback, engaged with a broad range of stakeholders and carried out further consumer research to inform the final regime.

Page updates

: Information added 29 March update.