The FCA greenlights Shein’s London IPO

Our community stood strong urging the U.K. Financial Conduct Authority (FCA) to block Shein’s listing on the London Stock Exchange. Together, we challenged the normalization of forced labor-linked corporations in global financial markets.

But despite our efforts—and international scrutiny of Shein’s murky supply chains—the FCA has granted approval for Shein to proceed with its IPO, pending Chinese regulatory clearance. But they did hear us.

In response to our campaign, the FCA told the Freedom United community it received “a significant volume of enquiries” related to Shein. However, they clarified their position, stating:

The FCA’s role is to ensure that the requisite disclosures have been made so that potential investors can understand the risks… There is no role given to the FCA by the Modern Slavery Act in ensuring supply chains of listed companies are free of forced labour.

This response underscores a troubling gap in accountability. As it stands, financial regulators are not empowered to reject listings on human rights grounds—even when forced labor is at stake.

This action is now closed. But our work continues.

We’ll keep working with partners, allies, and advocates to hold Shein and other companies accountable. Human rights must not be sidelined in the pursuit of profit.