The Financial Conduct Authority (FCA) is replacing the existing climate-reporting rules for listed issuers with requirements aligned with the UK Sustainability Reporting Standards (UK SRS) on a comply or explain basis.

Under the new comply or explain rules, the FCA is consulting on the level of information issuers will need to provide when preparing disclosures under UK SRS, including when choosing not to follow the framework, under the new comply or explain regime. The final proposals are out for consultation in a draft Technical Note 803.1 and closes for comment on 28 October 2026.

The new rules apply to accounting periods starting on or after 1 January 2027, with first reporting in 2028.