Framework Evolution

TCFD to UK SRS: what the change means

The Task Force on Climate-related Financial Disclosures shaped a decade of corporate climate reporting before being succeeded by UK SRS S2. Here's what changed, what carried over, and what the FCA's transition from TCFD-aligned rules means for listed companies.

What TCFD was

The TCFD was created by the Financial Stability Board in 2015 to give companies a consistent way to disclose climate-related risks and opportunities to investors 36. Its lasting contribution is a four-pillar structure — governance, strategy, risk management, and metrics and targets — that nearly every climate-reporting framework now uses 36. In the UK it underpinned the climate-disclosure rules the FCA applied to listed companies, and similar requirements under the Companies Act 22.

Why it ended

Having established a global baseline, the TCFD's job was effectively done: in 2023 it was disbanded and its monitoring responsibilities passed to the ISSB 12. The ISSB's IFRS S2 fully incorporates the TCFD's four-pillar structure, so the framework lives on inside the new standards rather than disappearing 36. This is why companies already reporting under TCFD find the move to UK SRS S2 an evolution rather than a fresh start 37.

What it means for listed companies

The FCA's CP26/5 proposes to delete its TCFD-aligned climate-disclosure rules and replace them with rules requiring in-scope listed companies to report against UK SRS S2, on a mandatory basis, for accounting periods beginning on or after 1 January 2027 22. Because so much TCFD architecture carries over, the FCA judged climate disclosure mature enough to mandate — while treating the genuinely new elements, like Scope 3 and wider sustainability, more cautiously 22 6. *(For a practical TCFD-to-UK-SRS migration checklist, see the dedicated guide on srsreport.co.uk.)*

Is TCFD still required?

TCFD was formally disbanded in 2023 and its work transferred to the ISSB. The FCA proposes to delete existing TCFD-aligned listing rules and replace them with mandatory UK SRS S2 requirements from 2027. So TCFD itself is no longer required, but its successor — UK SRS S2 — will be.

What replaced TCFD?

UK SRS S2 replaced TCFD for UK listed companies. UK SRS S2 is built on the ISSB's IFRS S2, which fully incorporates TCFD's four-pillar structure but with enhanced requirements including financially quantified scenario analysis and full Scope 3 emissions.

What are the TCFD four pillars?

The TCFD four pillars are governance, strategy, risk management, and metrics and targets. This structure was TCFD's lasting contribution and is now used by nearly every climate-reporting framework including UK SRS S2, IFRS S2, and the EU's ESRS.

How is UK SRS S2 different from TCFD?

UK SRS S2 keeps TCFD's four pillars but requires much more: financially quantified scenario analysis rather than narrative description, full Scope 3 value-chain emissions, and explicit connection between climate disclosures and financial statements. It turns principles into detailed reporting standards.

When do the new FCA rules start?

The FCA proposes mandatory UK SRS S2 for in-scope listed companies for accounting periods beginning on or after 1 January 2027, subject to Policy Statement confirmation expected autumn 2026. This replaces the existing TCFD-aligned climate disclosure rules.

Related guides & references

Standards

UK SRS S2: Climate-Related Disclosures

Comprehensive coverage of UK SRS S2 climate reporting requirements that succeed TCFD.

12 min readStandards

Regulation

FCA Authority & CP26/5

FCA regulatory framework for replacing TCFD rules with mandatory UK SRS implementation.

10 min readRegulation

How-to Guide

TCFD to UK SRS Migration (srsreport.co.uk)

Practical step-by-step checklist for transitioning from TCFD to UK SRS S2 reporting.

15 min readImplementation

Global Context

Global Sustainability Standards

How UK SRS fits within the global ISSB framework and international standards landscape.

10 min readGlobal Context

Last verified May 2026Reviewed by UK SRS Framework Team

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