On 30 January 2026 the FCA published Consultation Paper: CP26/5: Aligning listed issuers’ sustainability disclosures with international standards. The consultation sets out proposals to re-align sustainability reporting requirements for UK listed issuers, moving away from the current Task Force on Climate-related Financial Disclosures (TCFD)-based regime towards a framework aligned with the forthcoming UK Sustainability Reporting Standards (UK SRS). The consultation is open for feedback until 20 March 2026. The FCA’s stated objective is to enhance the quality, consistency and international comparability of sustainability disclosures available to investors, while supporting the competitiveness of UK capital markets. The proposals also recognise the need for proportionality and appropriate transition periods, acknowledging the operational and data challenges faced by issuers.
Background
Sustainability and climate-related disclosures have become an increasingly important component of investor decision-making. In recent years, the FCA has embedded TCFD-aligned reporting into the UK Listing Rules, placing the UK at the forefront of climate disclosure regulation.
However, the global reporting landscape has continued to evolve. The International Sustainability Standards Board (ISSB) has developed a consolidated global baseline for sustainability reporting, and the UK Government has committed to adopting these standards through the UK Sustainability Reporting Standards (UK SRS). With the TCFD having formally disbanded, regulators are now focused on ensuring continuity while improving international alignment.
CP26/5 represents the FCA’s response to these developments. It proposes updating the Listing Rules so that listed issuers’ sustainability disclosures are aligned with UK SRS once finalised, ensuring UK requirements remain globally comparable while reducing fragmentation across jurisdictions.
Key Themes in CP26/5
While CP26/5 focuses primarily on sustainability reporting, it also reflects wider regulatory themes that firms are already navigating, including:
- Increased expectations around governance and accountability for non-financial risks
- Greater scrutiny of data quality, controls and assurance
- Enhanced board and senior management oversight of sustainability-related disclosures
- A proportionate, risk-based approach to implementation, including “comply or explain” mechanisms
Firms will need to consider how sustainability disclosures are embedded within existing governance, risk management and reporting frameworks, rather than treated as a standalone compliance exercise.
How Complyport Can Help?
At Complyport, we help firms navigate evolving regulatory and compliance landscapes, translating complex requirements into practical, actionable solutions. Our support is designed to ensure firms are prepared, accountable, and aligned with emerging standards and expectations.
- Compliance Readiness:Weassist organisations in assessing current practices against new or evolving regulatory frameworks. This includes identifying gaps, prioritising actions, and preparing board-level briefings or management reports that demonstrate proactive oversight and transparency.
- Governance and Accountability:We help define roles and responsibilities across senior management and key functions to ensure clear accountability. This supports effective decision-making, oversight of processes, anddemonstrates alignment with regulatory expectations.
- Data, Controls, and Assurance Frameworks:We support organisations in reviewing data collection, internal controls, and assurance processes. Our guidance ensures that information isaccurate, complete, and can withstand scrutiny from regulators, auditors, or stakeholders.
- Regulatory Engagement and Response Support:We guide firms in preparing consultation responses, board papers, and external submissions. This helps organisations articulate their positions, provide evidence of readiness, anddemonstrate strategic alignment with regulatory developments.
Contact Us
To understand how the FCA’s consultation may affect your business, arrange a meeting with one of our compliance experts.
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