New FCA Policy Statement and Listing Rule promoting better climate-related financial disclosures aligned with TCFD

Published on: 14 Jul 2022

In December 2020, the FCA published Policy Statement (PS20/17) which introduced Listing Rule LR 9.8.6R(8) requiring premium-listed commercial companies to make climate-related financial disclosures consistent with the recommendations and recommended disclosures of the Task Force on Climate-related Financial Disclosures (TCFD) on a comply or explain basis. This Listing Rule took effect for periods commencing on or after 1 January 2021.

In December 2021, the FCA published Policy Statement PS21/23 and the associated new Listing Rule LR 14.3.27R, extending these disclosure requirements to standard-listed companies. The FCA also published a further Policy Statement (PS21/24), which introduces requirements for certain asset managers, life insurers and FCA-regulated pensions providers to make climate-related disclosures. These requirements are effective for periods commencing on or after 1 January 2022.

In this edition of Need to know, we outline the key requirements of these Listing Rules and Policy Statements.

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