The UK’s Financial Reporting Council (FRC) has published the final report from its market study on the assurance of sustainability reporting. Feedback filed last year revealed that the UK’s assurance market is perceived as “functioning well”, but there are concerns over maintaining consistency in quality as demand grows, the FRC said. As such, the final report has outlined key actions to support the market’s development. These include establishing a clear UK policy framework for sustainability assurance to give medium-term certainty to providers and reporters, creating a regulatory regime that consolidates standard setting, and improving the calibre of available information for the market. “This report provides us with a clearer picture of the UK’s rapidly developing sustainability assurance market which companies, assurance providers and investors are currently navigating, as reporting expectations continue to develop in this important space,” said Mark Babington, the FRC’s Executive Director of Regulatory Standards. “The findings provide a baseline understanding, that we will continue to build on, so we are best placed to support our stakeholders in this market as demand continues to grow.”
