TCFD in the UK · after FCA PS26/19
TCFD in the UK: what replaced it, rule by rule
TCFD reporting in the UK was never one rule, so it is not ending in one step.
The FCA’s final rules, PS26/19, replace the TCFD-aligned listing-rule disclosures with UK SRS for accounting periods beginning on or after 1 January 2027.
The Companies Act climate duty, the asset-manager entity report and the pension-scheme duty all carry on, so the honest answer to “is TCFD still required?” depends on which rule you mean.
The register
Six rules carried TCFD, and one of them is ending
Each line below is a separate legal duty, with its own population and its own fate.
PS26/19 changes the first line only.
| Rule | Who it reaches | What it asks | Status on 30 September 2026 |
|---|---|---|---|
| FCA listing rule (UKLR 6.6.6R(8) and equivalents) | Listed companies in scope | TCFD-aligned, comply or explain against the eleven recommended disclosures | Replaced by UK SRS for periods beginning on or after 1 January 2027 |
| Companies Act 2006, s 414CA–414CB | Traded, banking, insurance and AIM companies, and high-turnover companies, each with more than 500 employees | Eight climate-related financial disclosures in the strategic report | Continues; UK SRS S2 may discharge it under s 414CB(6) |
| LLP regulations (SI 2022/46) | Large LLPs | The same eight disclosures, for LLPs | Continues |
| FCA ESG sourcebook, ESG 2.2 | Asset managers and asset owners in scope | TCFD entity report | Continues |
| FCA ESG sourcebook, ESG 2.3 | The same firms, at product level | Product-level TCFD metrics | Replaced from 25 September 2026 (FCA 2026/59) |
| Occupational pension schemes (SI 2021/839) | Trustees of large schemes | TCFD-aligned governance and a published report | Continues |
For the Companies Act duty in detail, read climate-related financial disclosures; for the trustee duty, pension scheme climate reporting.
The FCA listing rule itself, limb by limb, is on the FCA and UK SRS.
Which rule is yours
Find the TCFD rule that reaches you
Because TCFD in the UK is a family of rules, the useful first question is which member of the family applies to you.
The finder beside this text asks about your listing, your size and whether you are an asset manager, asset owner or pension trustee, and names each rule that reaches you with its provision.
A listed company that is also large enough for the Companies Act duty will see two answers, which is correct: both duties apply, and UK SRS S2 can discharge the second under section 414CB(6).
An AIM company is never in the listing rule, but may well be in the Companies Act duty if it has more than 500 employees.
Nothing you choose is stored or sent.
Which TCFD-shaped rules reach you
Applies to accounting periods beginning before 1 January 2027.
For periods beginning on or after that date it is replaced by UK SRS on a comply-or-explain basis.
UKLR 6.6.6R(8) and its twins; PS26/19 ¶¶1.10, 3.12, 3.19
Required: the eight disclosures in s.414CB(2A) go in the non-financial and sustainability information statement.
This duty continues after PS26/19; UK SRS S2 can discharge it as a national reporting framework.
CA 2006 ss.414CA, 414CB(2A), 414CB(6)
A reading aid, not advice.
It applies one year’s figures; the Companies Act small and medium-sized tests and the pension thresholds each have their own timing rules.
The Task Force
What TCFD was, and what happened to it
The Task Force on Climate-related Financial Disclosures was set up by the Financial Stability Board in December 2015 and published its Final Report in June 2017.
Its recommendations organise climate disclosure into four thematic areas — governance, strategy, risk management, and metrics and targets — with eleven recommended disclosures beneath them.
The Task Force was disbanded on 12 October 2023, having published its final status report.
The FSB asked the International Sustainability Standards Board to take over monitoring companies’ climate-related disclosures; the IFRS Foundation’s own announcements use both “ISSB” and “IFRS Foundation” for the recipient, so neither should be asserted against the other.
What moved was a monitoring role; the recommendations themselves live on inside rules like the ones in the register above, and inside IFRS S2.
The pillar-by-pillar walkthrough sits on our page on the four pillars and eleven disclosures, the drafting guide on TCFD disclosures, and the wider picture on TCFD; the family’s editorial explainer of the four pillars of sustainability reporting covers the same ground from the standards side.
- Dec 2015Task Force established
By the Financial Stability Board.
- Jun 2017Final Report
Four thematic areas, eleven recommended disclosures.
- Jun 2023IFRS S1 and S2 issued
By the ISSB, built on the TCFD structure.
- 12 Oct 2023Task Force disbanded
Monitoring of company disclosures passes to the ISSB from 2024.
- 25 Feb 2026UK SRS S1 and S2 published
By DBT, for voluntary use.
- 30 Sep 2026PS26/19
UK SRS replaces the TCFD listing rule.
The FCA listing rule
The TCFD listing rule ends for periods from 1 January 2027
Today the FCA’s rule requires in-scope listed companies to disclose against all eleven TCFD recommended disclosures on a comply-or-explain basis, as PS26/19 ¶2.3 describes it.
The Policy Statement says in terms that “these rules will replace the existing TCFD aligned disclosures” (¶1.10).
The replacement sits in new limbs of UKLR 6.6.6R: (7A) for UK SRS S2 and (7B) for UK SRS S1, with (8) rewritten to carry the location, assurance and transition-plan statements.
The consultation, CP26/5, had proposed making UK SRS S2 mandatory; the final rules keep the comply-or-explain character the TCFD rule already had, and apply it across all of UK SRS.
So for a listed company the change is not from voluntary to mandatory — it is from one comply-or-explain framework to a fuller one.
Two reliefs soften the first years: one year’s non-disclosure of Scope 3, and two years’ non-disclosure under UK SRS S1 for matters beyond climate (PS26/19 ¶3.14).
The practical route from one to the other is on moving from TCFD to UK SRS, and the family’s practical TCFD reporting guide has a migration checklist.
Accounting period beginning before 1 January 2027: the TCFD-aligned rule, unless the company adopts UK SRS early.
Beginning on or after 1 January 2027: UK SRS, comply or explain, with the reliefs.
Source: PS26/19 ¶¶3.12, 3.19
From recommendations to a standard
What UK SRS S2 asks beyond TCFD
IFRS S2 is “consistent with” the TCFD’s four recommendations and eleven recommended disclosures, in the IFRS Foundation’s word — and then asks for more.
UK SRS S2 inherits all of it.
| Topic | TCFD recommendations | UK SRS S2 |
|---|---|---|
| Structure | Four thematic areas, eleven recommended disclosures | The same four content areas, from ¶5 (governance), ¶8 (strategy), ¶24 (risk management) and ¶27 (metrics and targets) |
| Financial effects | Recommended description of impacts | Current and anticipated effects on financial position, performance and cash flows — ¶9(d) and ¶¶15–21 |
| Scenario analysis | Strategy (c): resilience “taking into consideration different climate-related scenarios, including a 2°C or lower scenario” | Required, “commensurate with the entity’s circumstances” (¶22); qualitative narratives alone can be a reasonable basis (¶B15) |
| Scope 3 emissions | Metrics and targets (b): Scope 3 “if appropriate” | Required (¶29(a)(i)(3)); relief in ¶C4, whose length the FCA sets at one year for listed companies |
| Industry-based metrics | Not among the eleven recommended disclosures | Required, with the ISSB’s industry guidance available but, in the UK text, optional to consult |
| Carbon credits | Not among the eleven recommended disclosures | Planned use of carbon credits disclosed alongside targets |
| Financed emissions | Supplemental Guidance for the Financial Sector, in the annex | Additional information required for asset management, commercial banking and insurance activities |
Two claims about this step recur and are wrong.
Scenario analysis need not be quantified: paragraph 22 asks for an approach proportionate to the entity, and paragraph B15 of UK SRS S2 accepts scenario narratives on their own.
And Scope 3 is not required unconditionally: the standard’s relief in paragraph C4 carries no time limit, and paragraph C6 leaves its length to the FCA or to legislation.
The Scope 3 figure itself is measured under the GHG Protocol Scope 3 Standard, which the TCFD pointed to but did not require.
The four content areas now sit in the general standard, UK SRS S1, and apply to every material sustainability topic; UK SRS S1 and S2 explains how the two are applied together.
Where the UK text departs from IFRS S2 is mapped on UK SRS amendments, and the international baseline on global sustainability standards.
The eleven, mapped
Each TCFD disclosure, and where it lives in UK SRS S2
The eleven recommended disclosures carry over almost one for one.
Filter by pillar to see each one beside the UK SRS S2 paragraphs that now ask for it, and what the standard adds.
Filter by pillar
Showing 11 of 11
| TCFD | Recommended disclosure (2017) | UK SRS S2 | What changes |
|---|---|---|---|
| Governance (a) | Describe the board’s oversight of climate-related risks and opportunities. | UK SRS S2 ¶6(a) | Body or individual responsible, how informed, how oversight is exercised |
| Governance (b) | Describe management’s role in assessing and managing climate-related risks and opportunities. | UK SRS S2 ¶6(b) | Management’s role, controls and procedures |
| Strategy (a) | Describe the climate-related risks and opportunities identified over the short, medium and long term. | UK SRS S2 ¶¶10–12 | Each risk labelled physical or transition; time horizons defined |
| Strategy (b) | Describe the impact on businesses, strategy and financial planning. | UK SRS S2 ¶¶13–21 | Business model and value chain; transition plan if any; current and anticipated financial effects |
| Strategy (c) | Describe the resilience of the strategy under different climate-related scenarios, including a 2°C or lower scenario. | UK SRS S2 ¶22, ¶¶B1–B18 | Scenario analysis commensurate with circumstances; no 2°C wording |
| Risk management (a) | Describe processes for identifying and assessing climate-related risks. | UK SRS S2 ¶25(a) | Including whether scenario analysis informs identification |
| Risk management (b) | Describe processes for managing climate-related risks. | UK SRS S2 ¶25(a)–(b) | Prioritising and monitoring risks; opportunities covered too |
| Risk management (c) | Describe how these processes are integrated into overall risk management. | UK SRS S2 ¶25(c) | Unchanged in substance |
| Metrics and targets (a) | Disclose the metrics used to assess climate-related risks and opportunities. | UK SRS S2 ¶¶29, 32 | Cross-industry metrics plus industry-based metrics |
| Metrics and targets (b) | Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 emissions and related risks. | UK SRS S2 ¶29(a) | Scope 3 required, with the ¶C4 relief; GHG Protocol measurement |
| Metrics and targets (c) | Describe the targets used and performance against them. | UK SRS S2 ¶¶33–36 | Gross and net targets; planned use of carbon credits |
Sources: TCFD Final Report (June 2017), Figure 4; UK SRS S2 (DBT, February 2026).
The paragraph mapping is our reading of the two texts.
Nothing you choose is stored or sent.
The TCFD put a materiality gate — “where such information is material” — on its strategy and metrics recommendations only; governance and risk management had none.
UK SRS S2 replaces that uneven gate with the general materiality rule of UK SRS S1, applied to every disclosure.
Its Scope 3 wording is the clearest single change: the TCFD asked for Scope 3 “if appropriate”, while UK SRS S2 requires it, subject to the ¶C4 relief whose length the FCA sets for listed companies.
The scenario limb loses its “2°C or lower” reference and gains application guidance at ¶¶B1–B18, which asks for an approach commensurate with the entity’s circumstances.
CFD and TCFD
Eight Companies Act disclosures against eleven TCFD ones
“CFD” in UK usage usually means the Companies Act climate-related financial disclosures, and it is the TCFD-shaped duty most private companies meet.
The eight limbs of section 414CB(2A) follow the TCFD’s architecture but compress it: governance, risk identification, risk integration and principal risks cannot be omitted; business-model impacts, scenario resilience, targets and KPIs can, with reasons.
The list does not itself ask for greenhouse gas figures, which is why a large company typically meets CFD and SECR side by side.
A listed company in scope of both the listing rule and the Companies Act duty has, in effect, been reporting on two TCFD-shaped bases at once; from 2027 it can report once under UK SRS S2 and name that framework in the strategic report.
Section 414CA’s reach is narrower than often said: every limb carries the more-than-500-employees floor, banks and insurers included.
| Companies Act CFD | TCFD recommendations | |
|---|---|---|
| Where | Strategic report, s 414CB(2A) | Annual report under the listing rule; any report voluntarily |
| How many | Eight, (a) to (h) | Eleven, under four recommendations |
| May be omitted | (e)–(h), with a clear and reasoned explanation | Any, with an explanation under the listing rule |
| Scenarios | Resilience “taking into consideration different climate-related scenarios” | Resilience including “a 2°C or lower scenario” |
| Emissions | Not in the list; SECR covers energy and emissions | Scope 1, 2 and, if appropriate, 3 |
| Reaches | More than 500 employees, and traded, banking, insurance, AIM or over £500m turnover | Listed companies in scope of the listing rule |
The UK’s TCFD timeline
How TCFD came into UK rules, and how it leaves
| Date | Rule | What happened |
|---|---|---|
| Dec 2020 | FCA PS20/17 | TCFD-aligned listing rule for commercial companies with a premium listing |
| 1 Oct 2021 | SI 2021/839 | Pension schemes with £5bn or more begin TCFD-aligned governance |
| 1 Jan 2022 | FCA PS21/24, ESG sourcebook | Largest asset managers and asset owners; others above £5bn a year later |
| 6 Apr 2022 | SI 2022/31 | Companies Act CFD duty for financial years beginning on or after |
| 21 Jul 2022 | FCA review | First review of listing-rule reports, 171 companies with December 2021 year ends |
| 1 Oct 2022 | SI 2021/839 | Pension schemes with £1bn or more join |
| 30 Jun 2023 | FCA ESG sourcebook | First public asset-manager and asset-owner disclosures due |
| 12 Oct 2023 | FSB | Task Force disbanded |
| 29 Jul 2024 | UK Listing Rules | Premium and standard listing end; the rule continues as UKLR 6.6.6R(8) |
| 19 Jan 2026 | TN 802.3 | Current FCA guidance on the TCFD listing rule takes effect |
| 25 Sep 2026 | FCA 2026/59 | Product-level TCFD metrics removed for asset managers |
| 1 Jan 2027 | PS26/19 | UK SRS replaces the TCFD listing rule for periods beginning on or after |
The FCA’s 2022 review found that over 90% of companies self-reported disclosures consistent with the governance and risk management pillars, fewer for strategy and metrics, and that 81% said they were consistent with all seven disclosures the FCA ordinarily expected.
The most common gaps were the quantitative ones — scenario analysis, metrics and targets — which are also where UK SRS S2 asks for most.
Those percentages are what companies said of themselves, not a finding of compliance.
The FCA’s current guidance on the listing rule is TN 802.3, which the FCA now proposes to delete as the new rules arrive.
Transition and physical risk
Transition risk and physical risk, as UK SRS S2 defines them
The TCFD sorted climate-related risks into transition risks and physical risks, and UK SRS S2 keeps the split in its defined terms.
A transition risk comes from the economy’s move to lower carbon — new policy and law, new technology, shifting markets and reputation.
A physical risk comes from the climate itself, either as an event or as a slow shift.
UK SRS S2 asks a company to say, for each risk it identifies, which kind it is, and over which time horizon it could affect the business.
Opportunities sit beside the risks throughout; neither TCFD nor UK SRS S2 is a risk-only framework.
| Kind | Definition | Examples of the categories |
|---|---|---|
| Transition risk | Arising from efforts to transition to a lower-carbon economy | Policy, legal, technological, market, reputational |
| Physical risk — acute | Event-driven | Storms, floods, heatwaves |
| Physical risk — chronic | From longer-term shifts in climatic patterns | Rising temperatures and sea levels, changing rainfall |
Software and help
TCFD reporting software, and what it cannot do for you
A large share of searches about this subject ask which software a UK listed company should use for TCFD reporting.
No UK regulator approves, certifies or lists reporting software for TCFD or UK SRS, so any claim of “FCA-approved” software is a claim about nothing.
What software can do is hold emissions data and factors with an audit trail, track risks and controls, and structure the draft; what it cannot do is make the judgements the disclosures turn on, or the board’s approval of them.
The questions worth putting to a vendor are whether it maps to UK SRS S2 paragraphs rather than only to the eleven TCFD headings, whether it handles the Scope 3 relief statement, and whether it keeps versioned emission factors.
Our comparison of carbon reporting software sets out what each platform says about itself, and TCFD disclosures covers the drafting.
A free 15-minute call to talk through where to start is on the booking page; this site performs no reporting or assurance itself.
The Companies Act
The Companies Act climate duty carries on
Nothing in PS26/19 touches the Companies Act climate-related financial disclosure duty, which came into force for financial years beginning on or after 6 April 2022.
It asks for eight disclosures in the strategic report, at section 414CB(2A)(a) to (h), built on the TCFD structure; four of them — (e) to (h) — may be omitted with a clear and reasoned explanation under subsections (4A) and (4B).
It reaches traded, banking, insurance and AIM companies and high-turnover companies, and in every case only where the company has more than 500 employees — the detail is on TCFD UK requirements and TCFD reporting requirements.
A company caught by both this duty and the listing rule can report once under UK SRS S2 and point the strategic report at it.
The duty’s future is open: the government’s Modernising Corporate Reporting consultation says it makes no proposal on it while a post-implementation review runs, due to be completed by spring 2027.
Section 414CB(6)
If information required by subsections (1) to (5) is published under a national, EU-based or international reporting framework, the statement specifies the framework instead of repeating the information.
The government confirmed in February 2026 that UK SRS S2 is a national reporting framework for this purpose.
Sources: CA 2006 s 414CB(6) · DBT consultation response, Ch. 3
Asset managers and pensions
Two more TCFD rules, one of them trimmed
FCA-regulated asset managers and asset owners in scope still publish a TCFD entity report under ESG 2.2.
Their product-level TCFD metrics went on 25 September 2026, when FCA 2026/59 came into force, as recorded in Handbook Notice No 144.
In their place, ESG 2.3 requires a firm to include identified climate risks in retail communications and to provide Scope 1, 2 and 3 data on request to a client that needs it for its own disclosures.
Trustees of large occupational pension schemes run a separate TCFD-aligned duty under SI 2021/839, unchanged by any of this.
Two secondary pieces discuss the move from TCFD to UK SRS at the time the standards were published: Mishcon de Reya on what boards need to know and Seedling’s guide to UK SRS.
Both predate PS26/19 and neither is a source for any figure on this page.
Frequently asked
Questions people ask
Is TCFD still required in the UK?
Yes, for now, and in more than one place.
The FCA’s TCFD-aligned listing rule applies to accounting periods beginning before 1 January 2027.
The Companies Act climate-related financial disclosure duty in section 414CB, which is built on the TCFD structure, continues and is not changed by the FCA’s final rules.
Pension scheme trustees in scope of SI 2021/839 still report on a TCFD basis.
What ends is the listing rule: for periods beginning on or after 1 January 2027, listed companies report against UK SRS on a comply-or-explain basis instead.
Does TCFD still exist?
Not as a body.
The Task Force on Climate-related Financial Disclosures was established by the Financial Stability Board in December 2015 and disbanded on 12 October 2023.
The FSB asked the ISSB to take over monitoring companies’ climate-related disclosures from 2024.
The recommendations themselves survive inside other rules and inside IFRS S2.
Is TCFD mandatory in the UK?
TCFD-based reporting is required by particular rules, not by TCFD itself, which was never law.
The FCA’s listing rule has required in-scope listed companies to disclose against the eleven recommended disclosures on a comply-or-explain basis.
The Companies Act requires large companies and LLPs in scope to make eight climate-related financial disclosures modelled on the same structure.
From accounting periods beginning on or after 1 January 2027 the listing rule is replaced by UK SRS, also on a comply-or-explain basis.
How is TCFD reporting changing for listed companies?
The FCA’s final rules, PS26/19 of 30 September 2026, replace the TCFD-aligned disclosures with UK SRS S1 and S2 for accounting periods beginning on or after 1 January 2027, with first reports in 2028.
Every UK SRS disclosure is comply or explain.
A company may use a one-year relief from Scope 3 and a two-year relief from UK SRS S1 beyond climate, stating that it is doing so.
A company whose period began before 1 January 2027 may stay on the TCFD rules for that period or adopt UK SRS early and keep the same reliefs.
What are the TCFD four pillars?
Governance, strategy, risk management, and metrics and targets.
UK SRS S2 keeps the same four content areas, starting at paragraphs 5, 8, 24 and 27, and UK SRS S1 applies them to every sustainability-related risk and opportunity, not only climate.
How does UK SRS S2 differ from TCFD?
IFRS S2, on which UK SRS S2 is built, is consistent with the TCFD’s four recommendations and eleven recommended disclosures and then asks for more: industry-based metrics, information about planned use of carbon credits, and more on financed emissions.
It also ties the disclosures to the financial statements through paragraph 9(d) and paragraphs 15 to 21, and it requires Scope 3 emissions, which the TCFD only recommended.
It does not require quantified scenario analysis: paragraph 22 asks for an approach commensurate with the entity’s circumstances, and paragraph B15 accepts qualitative scenario narratives.
Do asset managers still produce TCFD reports?
The entity-level TCFD report under ESG 2.2 of the FCA Handbook survives.
The product-level metrics rule does not: FCA 2026/59, in force 25 September 2026, replaced it with a duty to include identified climate risks in retail communications and to provide Scope 1, 2 and 3 data to a client who needs it for its own disclosures, once a year per product on request.
What is the difference between CFD and TCFD?
CFD usually means the Companies Act climate-related financial disclosures in section 414CB(2A): eight disclosures in the strategic report, four of which may be omitted with a reasoned explanation.
TCFD is the Task Force’s framework of four recommendations and eleven recommended disclosures.
The CFD list is modelled on TCFD but shorter, and it does not itself ask for Scope 1, 2 and 3 emissions, which TCFD’s metrics disclosure does.
When did TCFD reporting become required in the UK?
In stages, rule by rule.
The FCA’s listing rule began with premium-listed commercial companies under PS20/17 of December 2020, and the FCA reviewed the first reports, for December 2021 year ends, in July 2022.
Occupational pension schemes followed from 1 October 2021, FCA-regulated asset managers and asset owners from 1 January 2022, and the Companies Act duty for financial years beginning on or after 6 April 2022.
What is a TCFD transition risk?
A risk arising from efforts to transition to a lower-carbon economy.
UK SRS S2, following the TCFD, groups them as policy, legal, technological, market and reputational risks.
Physical risks are the other kind: event-driven (acute) or from longer-term shifts in climate patterns (chronic).
Which organisation disbanded after its recommendations were incorporated into the ISSB standards?
The Task Force on Climate-related Financial Disclosures (TCFD), which the Financial Stability Board disbanded on 12 October 2023 after the ISSB issued IFRS S1 and S2 in June 2023.
IFRS S2 is consistent with the TCFD’s recommendations, and monitoring of companies’ climate disclosures passed to the ISSB from 2024.
Is there TCFD reporting software approved for UK listed companies?
No. Neither the FCA nor any UK regulator approves or certifies reporting software for TCFD or UK SRS.
Software can help collect data and draft disclosures, but the obligation, and the judgements in it, stay with the company and its board.
What are the TCFD reporting thresholds in the UK?
Each rule has its own.
The listing rule follows the listing category, not size.
The Companies Act duty needs more than 500 employees and, for an unlisted company, turnover over £500 million.
The asset-manager rules exempt firms with less than £5 billion in scope on a three-year rolling average.
Pension schemes are in from £1 billion of relevant assets, or as authorised master trusts or collective money purchase schemes.
Can a UK SRS S2 report satisfy the Companies Act climate duty?
Yes, through section 414CB(6).
The government confirmed in February 2026 that UK SRS S2 is a national reporting framework for that subsection, so a company that publishes its climate information under UK SRS S2 states the framework in its strategic report instead of duplicating the information.
The requirements in section 414CB(1) to (5) that UK SRS S2 does not reach still apply.
Sources
Primary sources
Every figure, date and status on this page traces to the instrument’s owner.
Secondary commentary is never the source for a number.
- Financial Conduct AuthorityPS26/19 (PDF): ¶¶1.10, 2.3, 3.12, 3.14 and 3.19
The final rules: UK SRS replaces the TCFD-aligned listing-rule disclosures for accounting periods beginning on or after 1 January 2027; earlier periods stay on the TCFD rules.
- Financial Conduct AuthorityPS26/19: Aligning listed issuers' sustainability disclosures with international standards
Published 30 September 2026; the landing page states the comply-or-explain basis and the reliefs.
- Financial Conduct AuthorityCP26/5: the consultation PS26/19 finalises
Proposed replacing the TCFD-aligned rules with mandatory UK SRS S2; the final rules chose comply or explain instead.
- FCA HandbookUKLR 6.6 — the annual financial report, including 6.6.6R(8)
Where the TCFD limb sits today and where the UK SRS limbs (7A) and (7B) sit from 1 January 2027.
- FCA HandbookESG 2.3 — product-level reporting (as at 30 September 2026)
The product-level TCFD metrics rule is no longer in the section after FCA 2026/59, in force 25 September 2026.
- Financial Conduct AuthorityHandbook Notice No 144, ¶¶2.24–2.26 (PDF)
Records FCA 2026/59, made 24 September 2026, simplifying the TCFD product-level reporting rules for asset managers.
- legislation.gov.ukCompanies Act 2006, section 414CB (including (2A), (4A)–(4B) and (6))
The Companies Act climate-related financial disclosure duty, which PS26/19 does not touch.
- Department for Business and TradeUK SRS consultation response (PDF), Chapter 3
Confirms UK SRS S2 as a national reporting framework for section 414CB(6).
- Department for Business and TradeUK SRS S2 Climate-related Disclosures (PDF) — ¶¶5, 8, 9(d), 15–21, 22, 24, 27, B15, C4 and C6
The four content areas, the financial-effects limb, scenario analysis and the Scope 3 relief.
- Financial Stability BoardFSB annual progress report on climate-related disclosures, October 2023
The Task Force’s final status report and the handover of monitoring.
- TCFD (archive)TCFD recommendations
The four thematic areas and eleven recommended disclosures.
- IFRS FoundationTCFD and the ISSB
IFRS S2 is “consistent with” the TCFD recommendations and asks for more.
- IFRS FoundationIFRS S2 Climate-related Disclosures
The international standard UK SRS S2 endorses.
- GHG ProtocolCorporate Value Chain (Scope 3) Standard
The category structure behind the Scope 3 requirement TCFD only recommended.
- Financial Conduct AuthorityReview of TCFD-aligned disclosures by premium listed commercial companies, 21 July 2022
171 companies with December 2021 year ends; the self-reported consistency figures.
- Financial Conduct AuthorityTechnical Note TN 802.3 (PDF), January 2026
Guidance on the TCFD-aligned listing rule, live until the new rules apply; proposed for deletion in PMB 66.
- Financial Conduct AuthorityPS21/24: climate-related disclosures by asset managers, life insurers and regulated pension providers (PDF)
Rules from 1 January 2022 for the largest firms and a year later for others above £5bn; first disclosures by 30 June 2023.
- legislation.gov.ukThe Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, SI 2021/839
The trustee duty, phased in from 1 October 2021.
- Department for Business, Innovation, Science and TradeModernising Corporate Reporting consultation document (PDF), ¶¶147–148
The Companies Act climate duty is under post-implementation review, due spring 2027; the consultation makes no proposal on it.