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FCA consults on tougher climate-related disclosure rules

The Financial Conduct Authority (FCA) is consulting on proposals to extend the climate-related disclosure rules for listed companies and certain regulated firms with assets over £5bn

The proposals follow the introduction of climate-related disclosure rules for the most prominent listed commercial companies in December 2020 which are aligned with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).

In the consultations the FCA is proposing:

  • to extend the application of its TCFD-aligned Listing Rule for premium-listed commercial companies to issuers of standard listed equity shares;
  • to introduce TCFD-aligned disclosure requirements for asset managers, life insurers, and FCA-regulated pension providers, with a focus on the information needs of clients and consumers.

The key elements of the proposals are:

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