25 Feb 2026

This page provides details of work being undertaken by governments, regulators and standard setting bodies in relation to sustainable finance and climate-related disclosures. 


UK Climate-Related Transition Plan

The UK Government is committed to mandating UK-regulated financial institutions, including asset managers and pension funds, to develop and implement credible transition plans that align with the 1.5°C goal of the Paris Agreement.

Over the summer of 2025, the Department for Energy Security and New Zero (DESNZ) consulted on Transition plan requirements implementation routes. This consultation sought views on how the government should: 

  • support an orderly transition in line with global climate goals
  • enhance transparency for investors and promotes efficient capital allocation
  • support companies in capturing the opportunities from the global net zero transition
  • support the growth of the UK’s financial services industry by ensuring its sustainable finance framework is internationally competitive and maintains the UK’s status as a global financial hub. 

AREF with other associations drafted a model response to this consultation which AREF's own response was based on: A copy of AREF's response can be requested from RE:UK.


UK Sustainability Reporting Standards (UK SRS)

From June to September 2025, the Department for Business & Trade (DBT) consulted on the Exposure draft of UK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2.

The consultation sought views on exposure draft UK SRS, which are based on IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures (see ISSB - Sustainability & Climate-Related Disclosures below)

The government proposed 6 minor amendments to the standards for application in a UK context. Alongside the consultation, DBT published the Draft UK SRS S1 Standard with amendments and the Draft UK SRS S2 Standard with amendments.

AREF with other associations drafted a model response to this consultation.  which AREF's response to UK SRS consultation was based upon. A copy of AREF's response can be requested from RE:UK.

On 25 February 2026 the UK Government published final versions of UK Sustainability Reporting Standards (UK SRS).  This included UK SRS S1 (which covers general sustainability-related risks and opportunities) and UK SRS S2 (climate-related risks and opportunities). These are available for voluntary use, by any entity, as they choose. Alongside the final UK SRS, they published the Government's response to the UK SRS consultation. Annex A of this response includes a full mapping between the IFRS S1 and UK SRS S1, and IFRS S2 and UK SRS S2. 

The Government will be considering whether to introduce any mandatory reporting requirements as part of their Modernising Corporate Reporting (MCR) programme, as announced in October 2025. They plan to consult in 2026 on a package of reforms.  

Oversight regime for assurance of sustainability-related financial disclosures

Over the summer of 2025, DBT also consulted on Developing an oversight regime for assurance of sustainability-related financial disclosures. This sought views on a proposal for the planned Audit, Reporting and Governance Authority (ARGA) to be given responsibility for creating a voluntary registration regime for entities that offer third-party assurance services for sustainability-related disclosures. AREF with other associations drafted a model response to this consultation which AREF's response to proposed oversight regime for assurance of sustainability-related financial disclosures was based upon. A copy of AREF's response can be requested from RE:UK.

In January 2026, the Department for Business & Trade (DBT) published its response to its consultation on Assurance of sustainability reporting. The Government now plan to move forward with establishing a voluntary oversight regime for sustainability assurance in the UK. This regime will be operated by the Financial Reporting Council (FRC). The Government intend to legislate to formalise these arrangements (maintaining the regime’s voluntary status) as and when Parliamentary time allows. However, to ensure swift implementation of the regime, the FRC has been asked establish an interim, non-legislative regime by mid-2026.

Policy Paper: Framework and Terms of Reference for the Development of UK Sustainability Reporting Standards

The SRS consultations followed on from the Policy Paper: Framework and Terms of Reference for the Development of UK Sustainability Reporting Standards published by DBT in May 2024. The paper set out the phases of work that needed to be undertaken for the development of UK Sustainability Reporting Standards and to give effect to legislative or regulatory changes that may be made in the future once the UK Sustainability Reporting Standards are finalised. Recommendations and advice are provided from the UK Sustainability Disclosure Technical Advisory Committee (TAC) and by the Department for Business and Trade (DBT). The FCA holds responsibility for implementation decisions that would apply to UK listed companies, while the UK government holds responsibility for implementation decisions that would apply to UK registered companies. The UK Sustainability Disclosure Policy and Implementation Committee (PIC) was established by the government, to co-ordinate implementation decisions taken by DBT and the FCA. The terms of reference and membership of the TAC and PIC are included within the policy paper.


UK Climate Change Governance and Reporting for Occupational Pension Schemes

In June 2022, the Government Department for Work and Pensions (DWP) published the response to its open consultation on Climate and Investment reporting: setting expectations and empowering savers.

Amendments to the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2022 came into force on 1 October 2022. The Regulations require trustees to select and calculate a portfolio alignment metric and to report on that in their TCFD report.

The Government have made changes to statutory guidance to provide further clarity for trustees on their portfolio alignment reporting. The stewardship guidance also clarifies the Government's expectations on stewardship, and highlights where disclosures can align with reporting to the UK Stewardship Code. The Government will work with the Financial Reporting Council (FRC) to ensure disclosures are aligned as far as possible. 

AREF's response to the consultation, in January 2022, can be requested from RE:UK. 


UK Green Finance Strategy

In March 2023 HM Treasury, the Department for Energy Security and Net Zero (DESNZ), and the Department for Environment, Food & Rural Affairs (DEFRA) jointly published the UK Government's revised Green Finance Strategy.

Within the Green Finance Strategy the Government committed to set up a framework to assess and decide whether to endorse IFRS Sustainability Disclosure Standards for use within a UK context (see UK Sustainability Reporting Standards below)


UK Green Taxonomy

In mid-July 2025 the Government announced that they have decided to not proceed with a UK Green Taxonomy. They have set up their reasons for this in their UK Green Taxonomy Consultation Response.

The UK Green Taxonomy consultation sought to gather views on the value case for a UK Green Taxonomy as part of the UK's wider sustainable finance framework.

The purpose of considering to implement a green taxonomy was to support investment into activities aligned with sustainability goals, and to mitigate greenwashing. However, the government is aware that taxonomies can be complex in practice, and feedback on their value is mixed. This was reflected in AREF's response to the consultation.

The consultation sought views on whether a UK Green Taxonomy would be additional and complementary to existing sustainable finance policies, including in supporting market participants to make sustainable investment decisions, and the specific market and regulatory use cases which facilitate this.

AREF's response to HM Treasury's UK Green Taxonomy consultation was submitted in February 2025. This was based upon a cross-association model response. A copy can be requesed from RE:UK.


UK Sustainability Disclosure Requirements (SDR)

In May 2024, the UK Government published a Sustainability Disclosure Requirements: Implementation Update 2024. This sets out the actions the government and FCA plan to take over the next two years in relation to:

  • Endorsement & Implementation of UK-endorsed ISSB standards based upon the IFRS Sustainability Disclosure Standards (See UK Sustainability Reporting Standards below)
  • Transition plan disclosures (See UK Climate-Related Transition Plan above)
  • Extending the scope of Sustainability Disclosure Regime (SDR) (See FCA - Sustainability Disclosure Requirements (SDR) and investment labelling above)
  • UK Green Taxonomy (See UK Green Taxonomy above)

Also, the government will continue to monitor work in relation to natural-related disclosures such as the Taskforce on Nature related Financial Disclosures (TNFD) and the ISSB’s Consultation on Agenda Priorities which recognises the importance of biodiversity, ecosystems, ecosystem services and human capital.



FCA - Climate Financial Risk Forum

The Climate Financial Risk Forum (CFRF) is a financial services industry forum established jointly by the FCA and the Prudential Regulation Authority (PRA). CFRF Working Groups produce guidance, best practice, case studies and tools to help financial services firms identify, assess and respond to climate-related risks and opportunities.


FCA – Climate-Related Disclosures

FCA Review of climate reporting - 2025

In August 2025 the FCA published their findings from a review of how their climate reporting rules for asset managers, life insurers and FCA-regulated pension providers were working. Also, they have set out their plans to streamline and enhance their sustainability reporting framework.

The FCA's sustainability reporting requirements webpage has been updated to clarify how firms in scope of both the FCA's Task Force on Climate-related Financial Disclosures (TCFD) rules and Sustainability Disclosure Requirements (SDR) can report efficiently under both regimes.

FCA Policy Statement on climate-related disclosures -  2021

In December 2021 the FCA published PS21/24 Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers.

The FCA introduced a new Environmental, Social and Governance (ESG) sourcebook. This contains rules and guidance for asset managers and certain FCA-regulated asset owners to make mandatory disclosures consistent with the TCFD’s recommendations on an annual basis at: 

  • Entity level – an entity-level TCFD report, published in a prominent place on the main website of the firm’s business, setting out how they take climate-related risks and opportunities into account in managing or administering investments on behalf of clients and consumers.
  • Product or portfolio level – a baseline set of consistent, comparable disclosures in respect of their products and portfolios, including a core set of metrics. These must be made public in in a prominent place on the main website of the firm’s business and included or cross-referenced in an appropriate client communication, or made upon request to certain eligible institutional clients.

The rules aim to increase transparency on how firms are managing climate-related risks and opportunities and enable clients and consumers to make considered choices, while also remaining proportionate. This should, in turn, help to enhance competition in the interests of consumers, protect consumers from unsuitable products, and drive investment towards greener projects and activities.

The FCA is applying a phased approach for the implementation of the new rules:

  • Phase 1 – the proposed rules will start to apply from 1 January 2022 to asset managers with assets under management (AUM) of more than £50 billion (enhanced scope SMCR firms) and to asset owners with £25 billion or more in AUM or administration relating to in-scope business. These firms will be required to publish the first set of disclosures by 30 June 2023.
  • Phase 2 – Remaining asset managers and asset owners will need to comply from 1 January 2023 with the first disclosures being due by 30 June 2024.

FCA consultation on enhancing climate-related disclosures - 2021

In the summer of 2021, the FCA published a consultation (CP21/17 Enhancing climate-related disclosures by asset managers, life insurers, and FCA-regulated pension providers). AREF held a webinar to gauge members views on the consultation in September 2021. After which, AREF sent the FCA this response. A main part of this related to the TCFD metrics and ensuring they are appropriate for real estate assets. We would like to thank CBRE who have assisted AREF and IPF in drawing up a paper on recommended metrics for real estate assets which can be found as an Annex to AREF’s response. The FCA have introduced guidance to clarify that a firm may disclose ‘other’ metrics that it considers an investor may find useful. They have stated that firms may wish to refer to sector‑specific guidance or best practice to determine which other metrics to disclose. They have given an example of Global Real Estate Sustainability Benchmark metrics and the Carbon Risk Real Estate Monitor tool for real estate investment activity.  


FCA - Sustainability Disclosure Requirements (SDR) and investment labelling

Full details about the FCA's Sustainability Disclosure Requirements (SDR) and investment labels regime can be found on the FCA's 'Sustainability disclosure and labelling regime' webpage.  Please find below details of the consultations, policy statements and guidance relating to the regime.

AREF's Guidance: Application of the SDR Labelling Regime for Real Estate Funds

AREF has produced guidance on the Application of the SDR Labelling Regime for Real Estate Funds.

Sustainability Disclosure Requirements labels: good and poor practice

The FCA published in February 2026, examples of good and poor practice for using labels under the Sustainability Disclosure Requirements (SDR) regime.

The findings and examples are based on what the FCA have seen through the fund authorisations process for updating pre-contractual disclosures. They have found that pre-contractual disclosures have improved, as firms have become more familiar with the requirements. However, it hasn't always been clear whether or how firms meet the labelling requirements, or whether disclosures accurately reflect what the fund invests in.

The FCA like disclosures to be clear, concise, easy to read and understand. For example, they should: 

  • Avoid complex terms and explain those that are open to interpretation.
  • Avoid duplication.
  • Use a consistent narrative and logical flow of information.
  • Only disclose information relevant to the fund. 
  • Use the right label for the fund and meet the relevant requirements.
  • Accurately reflect what the product invests in. 

It should be noted that the examples provided by the FCA illustrate different aspects of some, but not all, of the labelling criteria and do not reflect the breadth of potential investment approaches.

Corrections and clarificatory amendments to SDR

After consulting from 6 December 2024 to 13 January 2025 in Chapter 2 of CP24/26, on some minor corrections and clarifications to the SDR rules, the changes were finalised in Handbook Notice No 127 in February 2025.

Extending SDR to portfolio management services

The FCA announced in April 2025 that they had decided it wasn't the right time to go ahead with extending SDR to portfolio management. Instead they would prioiritise their multi-firm review on model portfolio services. FCA updates on extending the SDR and investment labels regime to portfolio management and the feedback to their consultation (CP24/8) on this can be found here. AREF responded to the consultation in June 2024. This response was based upon a model response drawn up by representatives from real estate focussed associations including AREF. A copy of AREF's response can be requested from RE:UK.

Anti-Greenwashing rule

Following on from the its consultation on guidance for the anti-greenwashing rule, the FCA published in April 2024 the Finalised non-handbook guidance on the Anti-Greenwashing Rule (FG24/3). The anti-greenwashing rule and the guidance come into effect on 31 May 2024.

FCA SDR Policy Statement

On 28 November 2023, the FCA published their Policy Statement (PS23/16) on Sustainability Disclosure Requirements (SDR) and investment labels. 

- Implementation timetable

31 May 2024: Anti-greenwashing rule and guidance implemented

31 July 2024: Labels can be used from this date

2 December 2024: Naming and marketing rules come into force (extended to 2 April 2025 (see above))

2 December 2025: Product-level and entity-level disclosures for firms with AUM>£50bn

2 December 2026: Entity-level disclosure rules extended to firms with AUM>£5bn

- Who do the rules apply to?

The anti-greenwashing rule applies to all FCA-authorised firms who make sustainability-related claims about their products and services.

The investment labels, disclosure, and naming and marketing rules apply to UK asset managers. Also, there are targeted rules for the distributors of investment products to retail investors in the UK.

The rules do not apply to portfolio management products and services yet. The FCA will consult further on an alternative approach to applying the regime to all types of portfolio managers. In the medium term, the FCA will consider extending the regime to pension products too.

- Investment Labels

The FCA have sought to accommodate different asset classes and strategies in the labelling regime, including real estate. 

A fourth label, Sustainability Mixed Goals, has been introduced to accommodate funds that invest across the other sustainable strategies.

If a firm chooses to label a product, the firm remains responsible for its classification and ensuring the label is appropriate. A firm should notify the FCA when they use, revise or stop using a label through the form on their online notification and applications system, Connect. Although the FCA will not approve the label, their Fund Authorisation team will review, and may challenge, the application of any new fund submitted for authorisation, or amendments to existing funds.

A full overview of SDR and the labelling regime can be found in Annex 2 of the Policy Statement. At the suggestion of AREF and other real-estate related associations, an example of a real estate fund has been given for the Sustainability Focus and Sustainability Impact labels.

- Naming and marketing

The FCA have made some amendments to the proposals in the consultation so that firms can continue to use sustainability-related terms in product names and marketing (i.e. financial promotions) if they use a label or if they meet the product name, disclosure and statement conditions outlined in the Policy Statement.

- Disclosures

Firms must produce a clear, concise consumer-facing disclosure for products with a label and/or products using sustainability-related terms without a label.

The FCA have not amended their requirements relating to data. Firms using labels must take reasonable steps to ensure the data used for KPIs is accurate and complete. The FCA will however consider updating product level disclosure requirements in line with UK and international developments, such as the UK Green Taxonomy and future ISSB standards.

The FCA believe the entity-level disclosure requirements to be a starting point, setting the direction of travel from climate to wider sustainability related reporting. They are encouraging the development of industry-led guidance which further specifies the types of information that may be useful for asset managers to disclose. The FCA have referenced the International Sustainability Standards Board (ISSB), Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) standards as documents to consider when firms are determining the content of their disclosures. Other frameworks, such as the Taskforce on Nature-related Financial Disclosures (TNFD) may also be useful.


FCA - Sustainability reporting requirements

The FCA have summarised their TCFD-aligned reporting requirements, the companies and firms that fall in scope of the rules, and next steps for climate and sustainability reporting on their Sustainability reporting requirements webpage.


FCA - Finance for positive sustainable change: governance, incentives and competence in regulated firms

In April 2025, the FCA's response to DP23/1 Finance for positive sustainable change: governance, incentives and competence was published.  Since publishing DP23/1, they have introduced rules relating to some of the themes in the paper. For example:

 

FCA DP23/1 was published in February 2023. In the paper, the FCA examined how governance, incentives and competence are considered in the TCFD’s recommendations, and how expectations in these areas are evolving with the work of the International Sustainability Standards Board (ISSB), the TPT and GFANZ. They considered more deeply firms’ sustainability-related objectives and strategies, and how these are supported by their governance and incentive arrangements. They also reflected on how asset managers and asset owners organise and govern their stewardship activities to influence positive change.  Finally, they considered firms’ training and competence on sustainability.

In the second part of the paper there was a collection of 10 commissioned articles from experts, including industry practitioners, academics and other thought leaders, with relevant and interesting perspectives on firms’ sustainability-related governance, incentives, competence and stewardship arrangements. By including the views of experts, the FCA aimed to encourage diversity of thought and wide-ranging debate in this evolving area, complementing their own ideas and analysis. The views expressed in these commissioned articles wer those of the authors and did not necessarily reflect the FCA's views. 

AREF's response to DP23/1 was submitted in May 2023. The response was based upon a model response drawn up by AREF and other real estate related associations (BPF, INREV and IPF). A copy of AREF's response can be requested from RE:UK.


ESG Metrics for Real Estate

In January 2025, a working group, with members from AREF and other real-estate related associations, updated the reporting principles in the ESG Metrics for Real Estate paper. More details can be found here.


Basel Committee - Disclosure of climate-related financial risks

Framework for the voluntary disclosure of climate-related financial risks

Following on from their consultation (see below), the Basel Committee on Banking Supervision published, in June 2025, a framework for the disclosure of climate-related financial risks. This framework is voluntary, with jurisdictions considering whether to implement it domestically

Consultation

In November 2023, the Basel Committee on Banking Supervision published a consultation seeking the views of stakeholders on its proposals for a Pillar 3 disclosure framework for climate-related financial risks. It aims to complement the International Sustainability Standards Board (ISSB) framework and provide a common disclosure baseline for internationally active banks.

In parallel, the Committee continued to coordinate with other international bodies and jurisdictional authorities that are developing their approaches to disclosure requirements for climate-related financial risks in order to ensure interoperability of future frameworks.

A copy of AREF's response to the consultation, submitted in March 2024, can be requested from RE:UK. 


ESMA - Sustainable Finance Regulatory Framework

In July 2024, ESMA set out possible long-term improvements to the EU Sustainable Finance Regulatory Framework ('Framework') "Sustainable investments: Facilitating the investor journey - A holistic vision for the long term".

ESMA acknowledges that the Framework is already well developed and includes safeguards against greenwashing. At the same time, ESMA considers that, in the longer-term, the Framework could further evolve to facilitate investors’ access to sustainable investments and support the effective functioning of the Sustainable Investment Value Chain. 

Main recommendations for the European Commission’s consideration:

  • The EU Taxonomy should become the sole, common reference point for the assessment of sustainability and should be embedded in all Sustainable Finance legislation;
  • The EU Taxonomy should be completed for all activities that can substantially contribute to environmental sustainability and a social taxonomy developed;
  • A definition of transition investments should be incorporated into the Framework to provide legal clarity and support the creation of transition-related products;
  • All financial products should disclose some minimum basic sustainability information, covering environmental and social characteristics;
  • A product categorisation system should be introduced catering to sustainability and transition, based on a set of clear eligibility criteria and binding transparency obligations; 
  • ESG data products should be brought into the regulatory perimeter, the consistency of ESG metrics continue to be improved, reliability of estimates ensured; and
  • Consumer and industry testing should be carried out before implementing policy solutions to ensure their feasibility and appropriateness for retail investors.

This Opinion builds on the findings of the ESMA Progress Report on Greenwashing and the Joint ESAs Opinion on the review of the SFDR. The Opinion also represents the last component of ESMA's reply to the EC Request for input related to greenwashing, next to the Final Report on Greenwashing (see below). 


ESMA - Greenwashing

In June 2024, ESMA's Final Report on Greenwashing was published alongside similar reports from two other European Supervisory Authorities (ESAs), EBA and EIOPA. This builds on the findings of ESMA's Progress Report on Greenwashing published in May 2023. The three ESAs had published a Call for Evidence on better understanding of greenwashing in November 2022 to gather input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and to collect examples of potential greenwashing practices. More details can be found here.


ESMA - Guidelines on funds’ names using ESG or sustainability-related terms

On 14 May 2024, ESMA published its Final Report regarding Guidelines on funds’ names using ESG or sustainability-related terms. The Guidelines were published on 21 August 2024 in all official EU languages and will apply from 21 November 2024. Existing funds will have 6 months after the application date, i.e. 21 May 2025, to apply the Guidelines. Any new funds created after the application date should apply the Guidelines immediately.

The objective of the Guidelines is to ensure that investors are protected against unsubstantiated or exaggerated sustainability claims in fund names, and to provide asset managers with clear and measurable criteria to assess their ability to use ESG or sustainability-related terms in fund names.

The Guidelines establish that to be able to use these terms, a minimum threshold of 80% of investments should be used to meet environmental, social characteristics or sustainable investment objectives. The Guidelines also apply exclusion criteria for different terms used in fund names: 

  • “Environmental”, “Impact” and “sustainability”-related terms: exclusions according to the rules applicable to Paris-aligned Benchmarks (PAB); and
  • “Transition, “Social” and “Governance”-related terms: exclusions according to the rules applicable to Climate Transition Benchmarks (CTB).

In cases of a combination of terms, use of transition, sustainability- and impact-related terms, and for funds designating an index as a reference benchmark, further criteria are specified in the Guidelines. 

The Final Report containing the guidelines also provides a summary of the responses ESMA received to its consultation paper and an explanation of the approach taken to address the comments received.


ESMA - Sustainable Finance Implementation Timeline

The latest Sustainable Finance Implementation Timeline from ESMA for sustainable finance related regulations and directives.


EU’s SFDR

You can find the latest position on the EU’s SFDR here


European Sustainability Reporting Standards (ESRS)

The European Commission has mandated EFRAG to provide technical advice on the revision of the ESRS by 31 October 2025.

This is linked to the European Commission's Omnibus I proposals which seek to streamline the ESRS by:

  1. removing data points deemed to be “least important for general purpose” sustainability reporting;
  2. prioritising quantitative data points over narrative text; and
  3. distinguishing more clearly between mandatory and voluntary data points.

Following on from EFRAG's call for input in April/May 2025, EFRAG has published a consultation, in July 2025, on revised and simplified Exposure Drafts of the ESRS, which closes on 29 September 2025. 

AREF's ESG & Impact Investing Committee are considering if AREF should respond to this consultation. 

 


FinDatEx - European ESG Template (EET)

The latest version of the European ESG Template (EET) can be found on the FinDatEx website. This is a stand-alone, cross-sectoral template for the exchange of ESG-related data.


ISOCO - Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management

In November 2021 IOSCO published its Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management.

In November 2022, they have followed this up with a Call for Action for all voluntary standard setting bodies and industry associations operating in financial markets to promote good practices among their members to counter the risk of greenwashing1 related to asset managers and ESG rating and data providers.


ISSB - Sustainability & Climate-Related Disclosures

In June 2023, the International Sustainability Standards Board (ISSB) published the following standards:

Educational Material on Using ISSB Industry-based Guidance when applying ISSB Standards was published by the IFRS in July 2025

In July 2023, IOSCO endorsed IFRS S1 and S2.

The FCA use the ISSB standards as a basis for their own climate-related disclosures and sustainability disclosure requirements.


TNFD - Sector Guidance - Real Estate

In January 2025 the Taskforce on Nature-related Financial Disclosures ('TNFD') published its sector guidance - Engineering, construction and real estate. This guidance supplements the TNFD’s Guidance on assessing nature-related issues — the LEAP approach and should be read in conjunction with that guidance.

TNFD consulted on this sector guidance over the summer 2024. AREF participated in a cross-association working group of ESG experts and based AREF's response on their model response. A copy of AREF's response can be requested from RE:UK.

Author

Jacqui Bungay

Jacqui Bungay

Head of Policy, AREF

Jacqui provides policy guidance and secretariat services to AREF’s Board and Management Committee as well as many of AREF's committees and working groups.

Jacqui joined AREF in 2014 after working for over 25 years in fund compliance, client relationships and administration in the trustee and depositary sector.