Financial Services and Markets Bill: Support Amendment 36

Global Witness advocates for Amendment 36 to the Financial Services and Markets Bill, which would require UK financial institutions to conduct due diligence to prevent funding illegal deforestation. The organization argues that existing government proposals for a Treasury review and reliance on the Taskforce on Nature-related Financial Disclosure (TNFD) are insufficient, citing that UK banks and asset managers provided an estimated $16.6 billion to businesses implicated in deforestation between 2015-2020. The amendment is supported by financial institutions representing £2.7 trillion in assets and aligns with the UK's commitments under the Kunming-Montreal Global Biodiversity Framework and the Glasgow Leaders’ Declaration on Forests and Land Use.

• Amendment 36 would mandate that UK financial institutions perform due diligence to ensure high-risk clients have systems to prevent illegal deforestation, including checking for the Free, Prior and Informed Consent of Indigenous Peoples.
• The UK financial sector has significant exposure to deforestation; between 2015 and 2020, UK banks and asset managers provided approximately $16.6 billion to businesses linked to deforestation, generating an estimated $192 million in profit.
• The amendment is backed by financial institutions managing £2.7 trillion in assets and advice, including Aviva, Rathbone Greenbank, EOS at Federated Hermes, and LGPS Ltd.
• Global Witness rejects the government's reliance on the Taskforce on Nature-related Financial Disclosure (TNFD) as a substitute for mandatory law, noting that the government's own Global Resource Initiative (GRI) Taskforce rejected the TNFD's disclosure-based model as a sufficient solution.
• The proposed regulation aligns with international commitments, specifically the Kunming-Montreal Global Biodiversity Framework's goal to end biodiversity loss by 2030 and the Glasgow Leaders’ Declaration for Forests and Land Use.

APA

Global Witness (n.d.). Financial Services and Markets Bill: Support Amendment 36. https://globalwitness.org/en/campaigns/forests/mps-should-vote-for-new-deforestation-due-diligence-law-in-financial-services-and-markets-bill/

Chicago

Global Witness. Financial Services and Markets Bill: Support Amendment 36. n.d. https://globalwitness.org/en/campaigns/forests/mps-should-vote-for-new-deforestation-due-diligence-law-in-financial-services-and-markets-bill/.

Wikipedia

{{cite press release |author=Global Witness |title=Financial Services and Markets Bill: Support Amendment 36 |url=https://globalwitness.org/en/campaigns/forests/mps-should-vote-for-new-deforestation-due-diligence-law-in-financial-services-and-markets-bill/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{globalwitnessndfinancial, author = {{Global Witness}}, title = {{Financial Services and Markets Bill: Support Amendment 36}}, publisher = {Global Witness}, url = {https://globalwitness.org/en/campaigns/forests/mps-should-vote-for-new-deforestation-due-diligence-law-in-financial-services-and-markets-bill/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }