Newsflash - FCA publishes Policy Statement and Listing Rule for sustainability-related financial disclosures – October 2026

The Financial Conduct Authority (FCA) has published Policy Statement 26/19 including new UK Listing Rules requiring listed entities to report sustainability-related financial disclosures applying UK Sustainability Reporting Standards (UK SRS).

The new rules, which will come into force for accounting periods beginning on 1 January 2027, will require listed companies to apply UK SRS S1 and S2 on a ‘comply or explain’ basis, replacing the existing rules requiring listed companies to provide disclosures consistent with the Recommendations of the Task Force on Climate-related Financial Disclosure (TCFD). This is a change to the consultation paper which had proposed some elements of mandatory reporting.

The rules will apply to companies listed in the commercial companies, transition, non-equity shares and non-voting equity shares, international secondary listing and depositary receipt categories. Investment funds, shell companies and issuers of debt and debt-like securities will remain outside the scope of the requirements. 

The FCA has included transitional provisions that permit companies to defer Scope 3 disclosures for one year and non-climate UK SRS S1 disclosures for two years, with the intention of supporting implementation.

The FCA has also issued Primary Market Bulletin 66 which contains a narrow-scope consultation on the level of detail expected from issuers when preparing disclosures, including when choosing to explain. The deadline for comments is 28 October 2026.

More detailed guidance is available here.