The FCA issues 2 Policy Statement on climate-related disclosures: one for Listed Companies, issuers of Shares and GDRs (PS21-23) and one for Asset Managers and Asset Owners (PS21-24).

The FCA introduced climate-related disclosure requirements in December 2020, through a Listing Rule for premium listed commercial companies referencing the TCFD’s recommendations.

PS21-23 extends the application of the existing Listing Rule to a wider scope of listed issuers.

Through PS21-24, the FCA is introducing new rules and guidance for asset managers and certain FCA-regulated asset owners to make mandatory disclosures on an annual basis at:

  • Entity level – an entity-level TCFD report setting out how they take climate-related risks and opportunities into account in managing or administering investments on behalf of clients and consumers.
  • Product or portfolio level – a baseline set of consistent, comparable disclosures in respect of their products and portfolios, including a core set of metrics.

All the FCA Policy Statements and rules are based on the TCFD framework.

The FCA supports the UK’s commitment to mandatory TCFD-aligned disclosure obligations across the UK economy by 2025.



FCA PS21/24: