Sustainability Language
Menu

UK · rule

FCA Listing Rules TCFD disclosure

LR 9.8.6R(8) and LR 14.3.27R

In forceApplies 2021-01-01Verified 2026-08-22

Scope

Premium and standard listed companies

Penalties

FCA listing-rule enforcement

Last verified

2026-08-22

In plain language

What this law does

Comply-or-explain disclosure against the 11 TCFD recommended disclosures, with consistency statements. Being replaced by mandatory UK SRS S2 reporting under the FCA's 2026 proposals.

Formal requirements

What the law requires

Reviewed provisions grouped by practical purpose. Use the official text for the full legal context.

Key dates

  1. "Dictionary termClimate scenario analysisClimate scenario analysis is a structured exercise that tests how different plausible climate-related futures could affect strategy, financial position, operations or resilience.Read the full definition " expected where material

    FCA Listing Rules — LR 9.8.6R(8) / LR 14.3.27R (premium/standard listed TCFD) · instrument-level citation

  2. no scenario stringency mandated

    FCA Listing Rules — LR 9.8.6R(8) / LR 14.3.27R (premium/standard listed TCFD) · instrument-level citation

Disclosure requirements

  1. Comply-or-explain statement against the 11 TCFD Recommended Disclosures under the four pillars (Governance, Strategy, Risk Management, Metrics and Targets), with consistency statement and, where non-compliant, explanation + steps/timetable

    FCA Listing Rules — LR 9.8.6R(8) / LR 14.3.27R (premium/standard listed TCFD) · instrument-level citation

Claims

Explore claims affected by this source

Search or filter the reviewed connections, then open one claim for its full market-by-market assessment.

  • “Net zero by 2050” (entity target)Dictionary termNet zeroA state in which anthropogenic greenhouse-gas emissions are balanced by anthropogenic removals over a specified period and within a defined boundary.Read the full definition
    Why this claim is connected

    Board-approved plan, interim targets, funding; TPT-aligned disclosure

  • Net-zero portfolio by 2050Dictionary termNet zeroA state in which anthropogenic greenhouse-gas emissions are balanced by anthropogenic removals over a specified period and within a defined boundary.Read the full definition
    Why this claim is connected

    Same; FCA scrutiny of Dictionary termAsset managerA firm that invests capital on behalf of clients — a principal category of responsible-investment signatory, acting under mandates from asset owners.Read the full definition claims