Sustainability reporting requirements

UK SRS

Listed companies are currently required to state in their annual financial report whether they have made disclosures consistent with the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations, or explain why not (PS26/19). See PS20/17, PS21/23 and PS24/6 (which explains how the requirements were carried into the new UK Listing Rules structure), as well as Primary Market Bulletin (PMB) 36 for the supervisory strategy.

From accounting periods beginning 1 January 2027, the TCFD-based regime will be replaced by rules that require companies to prepare disclosures in accordance with UK SRS, or explain why not (PS26/19).  

These rules apply to companies with a listing in any of the following categories:

• equity shares (commercial companies)
• equity shares (international commercial companies secondary listing)
• certificates representing certain securities (depositary receipts)
• non-equity shares and non-voting equity shares
• equity shares (transition)

Under these rules, in-scope companies are required to include the following information within their annual financial report:

• Climate-related disclosures prepared in accordance with UK SRS S2; or an explanation of the disclosure requirements that have not been met, the reasons why, and any steps to make them in future.  
• Sustainability-related disclosures prepared in accordance with UK SRS S1; or an explanation of the sustainability risks and opportunities not disclosed, reasons why, and any steps to make them in future; or state that they have not identified sustainability risks.  

The rules provide optional transitional reliefs that allow issuers to opt out of the comply or explain requirements relating to Scope 3 emissions disclosures for 1 year and sustainability disclosures under UK SRS S1 for 2 years.

We are consulting on Technical Note 803.1 to help companies meet the comply or explain rules, and PMB 66 aims to help companies prepare for new rules.  

Transition plans

Companies with a primary UK listing must state whether, and if so where, they have published a climate-related transition plan, or state why they have not done so.  

Our Handbook Guidance also points companies to the IFRS educational material on transition plans (PDF), noting they may wish to use it.

Assurance  

All in-scope issuers are required to disclose information about any third-party sustainability assurance obtained voluntarily. This includes the name of the assurance provider, which disclosures or (where applicable) explanations have been assured and to what level, the assurance standards used, and the location of the assurance report (if published) and how to access it.

POATR

In July 2025, we published our policy statement on the Public Offers and Admissions to Trading Regulations (POATR) regime. This includes requirements for issuers of certain securities to make climate-related disclosures in their prospectuses, including a summary of key material information about their transition plans where an issuer has published one.

As part of the regime, information on issuers' climate-related strategy, transition plans, and metrics and targets within prospectuses are eligible to be designated as protected forward-looking statements (PFLS). 

The Policy Statement also includes additional disclosure expectations for issuers of sustainability-labelled debt instruments such as green bonds and sustainability-linked bonds. These rules came into effect from 19 January 2026.

Other requirements

Our Technical Note 801.5 (PDF) (updates under consultation) sets out our Handbook requirements and obligations on ESG matters more broadly. Issuers should consider these matters carefully when determining what should be disclosed under the Prospectus Regulation, Market Abuse Regulation and any other aspects of our disclosure regime.

Climate reporting requirements

See our final rules in Handbook Notice 144 (PDF). The rules aim to simplify our climate reporting requirements and reduce unnecessary burdens and complexity for firms and investors alike.

Previously, in December 2021, we finalised rules for asset managers, life insurers and FCA-regulated pension providers to make disclosures consistent with the TCFD's recommendations at both entity and product-level (PS21/24).  

In August 2025, we completed a review of the disclosure rules and we published our findings.

We consulted on streamlining the product-level rules in June 2026 (CP26/17) and published our final rules in September 2026 in Handbook Notice 144.

Entity level

Following our review of our TCFD requirements, we continue to consider our approach to entity-level TCFD reporting requirements.

In scope firms must publish an annual TCFD entity report in a prominent place on their main business website. This must set out how they take climate into account in managing or administering investments on behalf of clients and consumers.

Firms must also take reasonable steps to ensure their climate disclosures reflect TCFD Guidance, which makes recommendations on transition plans.

Product level  

We have replaced the TCFD product reporting rules with more targeted requirements to help retail and institutional clients get information that meets their needs, while giving firms more flexibility in how they can communicate information:

• Firms must periodically consider whether climate-related risks are materially relevant to a product’s financial performance or return and, where they are, include information about those risks in existing communications to retail clients, such as a product summary.
• Firms must provide, at minimum, Scope 1, 2 and 3 greenhouse gas emissions data to eligible clients if requested to help them meet their own climate-related reporting requirements. The obligation applies once per calendar year per product.

The rules came into force on 25 September 2026. The rules for communicating with institutional clients will apply from 30 June 2027.