There are “limitations” on what the UK regulator can achieve in its efforts to police environmental, social, and governance matters, the Financial Conduct Authority's board has cautioned, and called for these to be “clearly articulated”.

The nine-person board, tasked with holding the FCA to account, made the comments after a briefing on the UK regulator’s work relating to ESG matters, according to minutes from its 30 September meeting posted online on 9 November. The call comes as it mulls adding to its ranks with a non-executive director focused on championing sustainable finance.