PS20/17: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations

Open consultation: CP20/3
Consultation closed
Policy Statement

In this Policy Statement (PS) we summarise the feedback to our consultation proposals in CP20/3 and confirm our final policy position. The PS also contains the final rules and guidance as well as the final Technical Note. 

Read PS20/17 (PDF)

What we are changing

We are introducing a new rule and guidance which requires commercial companies with a UK premium listing to include a compliance statement in their annual financial report, stating whether they have made disclosures consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) or providing an explanation if they have not done so.

We are also introducing a Technical Note clarifying existing disclosure obligations for a wider scope of issuers. 

Who this applies to

Our final rule will directly impact commercial companies with a UK premium listing. Other listed issuers may also be interested in our plans to consult in the future on extending the rule to a wider scope of listed issuers.

Our final Technical Note will also impact a wider scope of listed issuers, including listed issuers, issuers with securities admitted to trading on regulated markets and other entities in scope of requirements under the Market Abuse Regulation (MAR) and the Prospectus Regulation (PR).

This PS will also be of interest to:

  • sponsors of listed companies
  • corporate finance and other advisors
  • accountants and auditors
  • consumer groups and individual consumers
  • industry groups, trade bodies and civil society groups
  • regulated firms
  • investors
  • policymakers and regulatory bodies
  • industry experts and commentators
  • academics and think tanks


The TCFD was established by the Financial Stability Board in 2015 and published its final report in June 2017. The report set out 11 recommended disclosures under 4 pillars to promote better disclosure: 

  • governance
  • strategy
  • risk management  
  • metrics and targets

In November 2020, a joint government and regulator taskforce published a Roadmap charting a path towards mandatory TCFD-aligned disclosure obligations across the UK economy over the next 5 years. The Roadmap includes the steps we are taking through our new rule to encourage in-scope listed companies to make disclosures consistent with the TCFD’s recommendations. 

Next steps

Our new rule will apply for accounting periods beginning on or after 1 January 2021. The first annual financial reports subject to our rule would then be published in spring 2022. 

The final Technical Note will apply with immediate effect.

We are planning to issue a CP in the first half of 2021 on proposals to extend the application of our rule to a wider scope of listed issuers. We will also consider consulting on strengthening the compliance basis of our rule.

We are separately planning to consult on potential client-focussed TCFD-aligned disclosures by UK-authorised asset managers, life insurers and FCA-regulated pension schemes in early 2021. 

Page updates

: Document added Policy Statement published
: Information changed Consultation is closed and online response form removed

17/03/2020: Information changed Consultation closing date extended