Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to HM Treasury closed consultation, Future regulatory regime for benchmarks and benchmark administrators, December 2025, and with reference to the answer of 12 January 2026, to Question 102334, on Defence: Climate Change, if he will make it his policy to repeal Article 12(1)(a) of assimilated Commission Delegated Regulation (EU) 2020/1818 excluding companies involved in activities related to ‘controversial weapons’.

As set out in response to PQ UIN 102334 on 12 January 2026, the UK Benchmarks Regulation sets out regulatory regime for benchmarks. It includes requirements for labels such as UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks.

The Financial Conduct Authority (FCA) monitors and supervises benchmark administrators according to the Benchmarks Regulation. The FCA published a statement regarding their position on sustainability regulations and UK defence investment on 11 March 2025.

The Treasury launched a consultation on the future regulatory regime for benchmarks and benchmark administrators on 17 December 2025. This consultation sought views on proposals to reform the UK’s existing benchmarks regime, including the Climate Transition Benchmark and Paris-Aligned Benchmark labels. The Government will publish its response to the consultation in due course.