On 30 September 2026, the Financial Conduct Authority (FCA) published Policy Statement 26/19: Aligning listed issuers’ sustainability disclosures with international standards (P626/19).

Background

On 30 January 2026, the FCA published a consultation paper setting out proposals to evolve its rules in relation to listed companies’ sustainability disclosures (CP26/5). The deadline for comments on CP26/5 was 20 March 2026. In PS26/19 the FCA responds to the feedback it received to CP26/5 and sets out final rules to align listed issuers’ sustainability and climate disclosures with UK Sustainability Reporting Standards (UK SRS), the UK-endorsed version of the International Sustainability Standards Board (ISSB) Standards.

Changes

The FCA states that the changes it has made following the consultation in CP26/5 are not significant when compared to both the consultation proposals and the status quo for all categories of issuers in scope under the TCFD framework. However, in order to fully test its policy position, the FCA have updated the cost benefit analysis to reflect in detail how the policy changes in the final rules will impact

costs and benefits.

The FCA reports in PS26/19 that it has simplified the regime in two ways by requiring:

  • A comply or explain approach across all categories of disclosures. The comply or explain approach brings UK SRS S2 (climate disclosures) into line with the approach the FCA consulted on for UK SRS S1 (non-climate disclosures) and Scope 3 (emissions data). The FCA believes this will boost the quantity, quality and comparability of financially material information while balancing investor needs with market readiness and the maturity of reporting practices.
  • International commercial companies with a secondary listing and depositary receipt issuers to also report against UK SRS on a comply or explain basis, in place of the consultation proposal to signpost any reporting requirements and disclosures under their home jurisdiction.

To help issuers apply the comply or explain rules, the FCA is also consulting on Technical Note (TN) 803.1, as well as updates to TN 801.4 and deletion of TN 802.3. The proposals are outlined within Primary Market Bulletin (PMB) 66. The deadline for comments on PMB 66 is 28 October 2026.

Next steps

The FCA is using the implementation timelines it consulted on. The rules will apply to accounting periods beginning on 1 January 2027, with first reporting in 2028. To support implementation, the FCA is providing a 1-year transitional relief for Scope 3 disclosures and a 2-year transitional relief for S1 disclosures. To support companies as they get ready to implement these new rules, the FCA have also published some practical considerations in PMB 66.

In addition, the FCA intends to organise a series of activities to help companies and investors understand the UK SRS and what is required under our rules. In particular, it is hosting a webinar on 19 October 2026 to explain its updated sustainability disclosure requirements for listed companies. It will also provide information about TN 803.1, which aims to support issuers implement the new regime.