Sustainability reporting requirements

If you're a listed company that falls within the scope of these rules, you must include a statement in your annual financial report setting out:  

• Whether you have made disclosures consistent with the TCFD's recommendations and recommended disclosures in your annual financial report.  
• Where you have included some, or all, of your disclosures in a document other than your annual financial report, an explanation of why, and a reference to where the disclosures can be found.
• Where you have not made disclosures, an explanation of why, and a description of any steps you are taking or plan to take to be able to make consistent disclosures in the future – including relevant timeframes.

Under these rules, companies are also encouraged to undertake an assessment of their disclosures that takes into account TCFD Guidance, which makes recommendations on transition plans.  

In Primary Market Bulletin 36[6], we set out our disclosure expectations and supervisory strategy for our TCFD-aligned Listing Rules. We also published a Technical Note 802.1 (PDF)[7] which sets out additional guidance that issuers and their advisors should take account of when making their disclosures.

You can find out more about the disclosure requirements for listed companies in PS20/17 (PDF[8]) and PS21/23 (PDF[9]).  PS24/6 (PDF[10]) also explains how the disclosure requirements were carried into the new UK Listing Rules structure (which removed the previous premium and standard listing segments).

In July 2022, we reviewed the first TCFD-aligned disclosures by premium-listed commercial companies and published the findings[11].

Our Technical Note 801.2 (PDF)[12] sets out our Handbook requirements and obligations on ESG matters more broadly. Issuers should consider these matters carefully when determining what should be disclosed under the Prospectus Regulation, Market Abuse Regulation and any other aspects of our disclosure regime. 

In July 2025, we published our policy statement on the Public Offers and Admissions to Trading Regulations (POATR) regime[13]. This includes requirements for issuers of certain securities to make climate-related disclosures in their prospectuses, including a summary of key material information about their transition plans where an issuer has published one. 

As part of the new regime, information on issuers' climate-related strategy, transition plans, and metrics and targets within prospectuses are eligible to be designated as protected forward-looking statements (PFLS). 

The Policy Statement also includes additional disclosure expectations for issuers of sustainability-labelled debt instruments such as green bonds and sustainability-linked bonds. These rules come into effect from 19 January 2026.

In December 2021, we finalised rules for asset managers and certain asset owners to make disclosures consistent with the TCFD's recommendations.

If your firm belongs to one of these groups, subject to certain assets under management/administration thresholds, you must make mandatory disclosures on an annual basis at entity and product level.

• Entity level: You must publish an annual TCFD entity report in a prominent place on your main business website. This must set out how you take the climate into account in managing or administering investments on behalf of clients and consumers.
• Product level: You must make disclosures (including a core set of climate metrics) on your products and portfolios. These must be made in a prominent place on your main business website and be included or cross-referenced in an appropriate client communication, or made upon request to certain eligible institutional clients. 

Under these rules, firms are also required to take reasonable steps to ensure their climate disclosures reflect TCFD Guidance, which makes recommendations on transition plans.

You can find out more about the disclosure requirements for asset managers, life insurers and FCA-regulated pension providers in PS21/24[14]. The rules came into effect for the largest firms on 1 January 2022 and 1 January 2023 for smaller firms.

In August 2025, we completed a review of TCFD-aligned disclosures by asset managers and FCA-regulated asset owners and published our findings[3].