FCA PS26/19 · Listed companies

UK SRS and the FCA: the final rules

The FCA’s final rules (PS26/19, 30 September 2026) require listed companies in scope to report against UK SRS on a comply-or-explain basis for accounting periods beginning on or after 1 January 2027.

They finalise consultation paper CP26/5, which had proposed making UK SRS S2 mandatory in place of TCFD; the final rules adopt comply or explain across all categories of disclosure instead.

This page sets out the final position first, then what CP26/5 proposed, paragraph by paragraph, as the record of how the rules were made.

See the requirement matrix →Read the FAQ

Status

Final, not mandatory: where the FCA landed

UK SRS S1 and S2 are voluntary standards, available to any UK entity.

The government’s UK SRS guidance says the standards are available for voluntary use by any entity that chooses to use them.

For listed companies, the FCA’s final rules are explicit: “Our final rules adopt a comply or explain approach across the UK SRS” (PS26/19 ¶1.2).

They apply for accounting periods starting on or after 1 January 2027, with first reporting in 2028 (¶3.12).

That is a change from the consultation: CP26/5 had proposed UK SRS S2 climate reporting, excluding Scope 3, on a mandatory basis.

The FCA’s consultation page had said it would “aim to publish a Policy Statement in autumn 2026, subject to the final UK SRS, with the rules coming into force from 1 January 2027”, and CP26/5 ¶8.5 said its rules “would” come into force on that date.

PS26/19 is that Policy Statement; the one before it in the FCA’s series, PS26/18, is cryptoasset perimeter guidance.

The rule in the Handbook as at 26 September 2026 was the TCFD-aligned statement in UKLR 6.6.6R(8), which the FCA’s Technical Note TN/802.3 maps across all five listing categories the final rules now cover.

The process history — who consulted on what, and when — is on our page on the UK SRS consultations, and the dates in sequence are on the UK SRS timeline.

From consultation to rules

5 Jan 2026
DBT writes to the FCA
Relief timing will be set by FCA rules or Companies Act regulations, not in the standards.
30 Jan 2026
CP26/5 published
Written against the draft UK SRS.
25 Feb 2026
UK SRS S1 and S2 published
Department for Business and Trade, for voluntary use.
20 Mar 2026
Consultation closed
CP26/5 asked 23 questions.
30 Sep 2026
PS26/19 — final rules
Comply or explain across the UK SRS, S2 included.
1 Jan 2027
Rules apply
For accounting periods starting on or after this date; first reporting in 2028.

Who is in scope

Who the FCA rules reach: five listing categories

The final rules apply to five listing categories, as named in UKLR 1.1.1R: commercial companies (UKLR 6), international commercial companies secondary listing (UKLR 14), depositary receipts (UKLR 15), non-equity shares and non-voting equity shares (UKLR 16), and transition (UKLR 22) (PS26/19 ¶3.6).

That is wider than the consultation: CP26/5 ¶3.4 listed the same five categories “with some variation depending on the category”, but proposed UK SRS reporting for UKLR 6, 16 and 22 only.

For secondary listings and depositary receipts, CP26/5 ¶9.6 had been explicit: “We are not proposing disclosures aligned with UK SRS (including for transition plans).”

Under the final rules, they report on the same comply-or-explain basis as everyone else in scope.

PS26/19 gives no total company count; CP26/5’s cost benefit analysis estimated that around 600 listed companies would be affected, and the “approximately 500” figure seen in commentary is not the FCA’s number.

Six categories are excluded (PS26/19 ¶3.7): closed-ended investment funds (UKLR 11), open-ended investment companies (UKLR 12), shell companies (UKLR 13), debt and debt-like securities (UKLR 17), securitised derivatives (UKLR 18), and warrants, options and other miscellaneous securities (UKLR 19).

CP26/5 had qualified the debt exclusion “at this time”.

The full scope test, company by company, is at who must comply with UK SRS.

Listing categories in scope — UKLR 6, 14, 15, 16 and 22

FCA PS26/19 ¶3.6

Listing categories excluded — UKLR 11, 12, 13, 17, 18 and 19

FCA PS26/19 ¶3.7

~600

Listed companies CP26/5 estimated would be affected — the consultation’s estimate

FCA CP26/5 Annex 2 ¶43

The consultation

FCA CP26/5: what it proposed, and what the final rules say

What an in-scope company would have had to do under CP26/5, with the paragraph that proposed it and the draft Listing Rule that would have carried it — and, in the last column, the basis in the FCA’s final rules.

UKLR 6 references are shown; CP26/5’s draft UKLR 16.3.23R and 22.2.24R carried the same requirements in their own numbering. The final rule numbering is not reproduced here.

Sources: FCA CP26/5 and Appendix 1 (draft Handbook text), and FCA PS26/19 for the last column. A dash means this page does not state the final position for that row.
Requirement	CP26/5 proposed basis	CP26/5	Draft rule	Final rules (PS26/19)
UK SRS S2 climate disclosures, excluding Scope 3	Mandatory	¶¶1.5, 4.4	UKLR 6.6.6R(7A)	Comply or explain (¶1.7)
UK SRS S1 foundations applied to climate reporting	Mandatory where S2 is reported	¶4.5	UKLR 6.6.6AR	Comply or explain (¶1.7)
Scope 3 greenhouse gas emissions	Comply or explain; optional relief for the first period	¶¶3.9, 4.8	UKLR 6.6.6R(7B); TP 16.4R(2)(a)	Comply or explain; one-year relief (¶3.14)
UK SRS S1 non-climate disclosures	Comply or explain; optional relief for the first two periods	¶¶1.6, 5.6–5.11	UKLR 6.6.6R(7C); TP 16.4R(2)(b), 16.5R	Comply or explain; two-year relief (¶3.14)
Where the disclosures are	State the location in the annual financial report	¶¶4.13, 5.14	UKLR 6.6.6R(8)(c)	—
Third-party assurance	Statement only — not mandatory	¶¶7.5–7.7	UKLR 6.6.6R(8)(d)	Not required; if obtained, name provider, disclosures and standards (¶2.45)
Transition plan	Statement of whether and where published, or why not	¶¶1.7, 6.9	UKLR 6.6.6R(8)(e)	Whether one exists and, if so, where it can be found (¶2.37)
UKLR 14 and 15: overseas or voluntary standards	Statement and signposting — no UK SRS	¶¶9.4, 9.6	UKLR 14.3.24R(1A)	UK SRS on a comply-or-explain basis (¶3.6)
UKLR 14 and 15: assurance	Statement only	¶¶9.8–9.9	UKLR 14.3.24R(4)	—

CP26/5 ¶4.4 described the change as deleting the current TCFD-aligned rules and replacing them with UK SRS S2 “on a mandatory basis”, with the Scope 3 exception in the same sentence.

The final rules did not adopt that basis: PS26/19 ¶1.7 describes “a comply or explain approach across all categories of disclosures”.

CP26/5’s draft instrument repurposed UKLR 6.6.6R(8) rather than deleting it, with its TCFD limbs removed and new limbs (d) and (e) carrying the assurance and transition-plan statements.

For what UK SRS S2 itself requires, see our guide to UK SRS S2 climate-related disclosures.

Climate

UK SRS S2: comply or explain, not mandatory

Under the final rules, a listed company in scope reports against UK SRS S2 climate disclosures or explains why it has not — the same basis as every other UK SRS disclosure.

CP26/5 had proposed S2 excluding Scope 3 as a mandatory core, which the FCA described at ¶1.5 as “an area where reporting is already high across companies”.

CP26/5’s draft UKLR 6.6.6AR would also have required a company reporting under S2 to apply specified parts of UK SRS S1: ¶¶10–24 (conceptual foundations), ¶¶31, 49, 50, 52 and 53, ¶¶60–71, ¶¶74–86 and Appendices A, B and D.

So in the draft, a company using the S1 relief still applied S1’s materiality, reporting-entity and connected-information requirements to its climate disclosures.

For Scope 3, CP26/5 ¶4.8 proposed that a company choosing to explain identify the UK SRS S2 paragraphs not disclosed, give its reasons, and describe the steps and timeframe for disclosing in future.

The FCA warned at ¶4.11 that a company opting to explain on Scope 3 “may not be able to state compliance with the UK SRS”.

CP26/5 ¶8.13 said a company already disclosing Scope 3 under the current rules could carry on doing so during the relief period.

The data work behind Scope 3 reporting is covered in Scope 3 under UK SRS.

The error to avoid

“UK SRS S2 is mandatory from 2027” is wrong.

CP26/5 proposed it; the final rules adopt comply or explain across the UK SRS, S2 included (PS26/19 ¶1.2).

Nor does Scope 3 become mandatory later: after its one-year relief it is comply or explain like everything else.

Wider sustainability

UK SRS S1 non-climate: comply or explain

The FCA has had rules on climate reporting since 2021 but none on wider sustainability matters, so CP26/5 proposed that non-climate reporting against UK SRS S1 be on a comply-or-explain basis (¶¶1.6, 5.5–5.6), and the final rules keep that basis.

The explanation CP26/5 proposed was lighter than for Scope 3: ¶5.9 said the FCA would not require companies to list every S1 requirement not met for each risk or opportunity.

Under CP26/5, a company that had identified no sustainability-related risks or opportunities that could reasonably be expected to affect its prospects would say so in its annual financial report (¶5.11).

CP26/5’s draft UKLR 6.6.7A G pointed companies to the sources of guidance in UK SRS S1 ¶55 and Appendix C when identifying those risks and opportunities.

The standard itself, and how its materiality test works, is set out in our guide to UK SRS S1 general requirements.

What an S1 “explain” would contain under CP26/5 (¶5.8)

01
The sustainability-related risks or opportunities for which disclosures have not been made
02
The reasons for not including those disclosures
03
Any steps being taken or planned, including the timeframe

Implementation

The reliefs: one year and two years

The final rules give two transitional reliefs: two years’ non-disclosure of UK SRS S1 non-climate matters, and one year’s non-disclosure of Scope 3 under UK SRS S2 (PS26/19 ¶3.14).

The table below is CP26/5’s draft, which fixed the relief windows to the start date of each accounting period; it is the consultation record, not the final rules.

Source: FCA CP26/5 ¶¶8.6–8.16 and Appendix 1, draft UKLR TP 16 — the consultation draft. PS26/19 replaced the mandatory S2 limb with comply or explain.
Accounting period beginning	What CP26/5’s draft rules would have required	Draft rule
Before 1 January 2027	Either the current TCFD-aligned rules or, voluntarily, the new rules in full — with no reliefs for early adopters	TP 16.3R; ¶8.11
On or after 1 January 2027, before 1 January 2028	S2 climate proposed as mandatory; may omit Scope 3 and/or S1 non-climate with a statement that the disclosures have not been made	TP 16.4R
On or after 1 January 2028, before 1 January 2029	Scope 3 on comply-or-explain; may still omit S1 non-climate with a statement	TP 16.5R
On or after 1 January 2029	Comply, or explain where permitted — Scope 3 and S1 non-climate both remain comply-or-explain	¶¶4.8, 8.16

Using a relief is not the same as explaining: a company using a relief must state that it is doing so, and “no further explanation … is required during the relief period” (PS26/19 ¶3.20).

The sequence for Scope 3 is therefore: state that you are using the relief, then disclose Scope 3 or explain why not.

One point CP26/5 could not reflect: CP26/5 describes the reliefs “as set out in the Government’s exposure drafts”, but the final standards removed their time limits, and UK SRS S2 ¶C6 makes their availability subject to FCA rules.

That change was flagged in advance in the Department for Business and Trade’s letter to the FCA of 5 January 2026, so the one-year and two-year reliefs are FCA rules rather than properties of UK SRS.

First reporting is in 2028 (PS26/19 ¶3.12); CP26/5’s cost benefit analysis had expected UK SRS-aligned annual reports “from January 2028” (Annex 2 ¶77).

For a company-level view of those dates, see the UK SRS reporting timeline.

Transition plans and assurance

Transition plans and assurance: statements, not mandates

Transition plans

“Mandating that companies have transition plans is a matter for Government,” said CP26/5 ¶1.7.

The final rules require issuers to disclose in the annual report “whether they have a climate-related transition plan, and if so, where it can be found” (PS26/19 ¶2.37).

CP26/5 had proposed a statement of whether and where a plan was published, or why not (¶6.9, draft UKLR 6.6.6R(8)(e)).

CP26/5’s draft guidance at UKLR 6.6.7B G said a company that publishes a plan may wish to use the IFRS Foundation’s transition disclosure guidance, which builds on the Transition Plan Taskforce material.

The government’s own transition plan consultation ran from 25 June to 17 September 2025, and as at 26 September 2026 GOV.UK shows no outcome.

What a plan should contain, if you have one, is covered in transition plans under UK SRS.

Assurance

Assurance is not required: where it is obtained, a company names the provider, which disclosures were assured and which assurance standards were used (PS26/19 ¶2.45).

CP26/5 ¶7.5 had been direct: “we are not proposing to set mandatory requirements for the assurance of sustainability reporting at this time.”

CP26/5 also proposed that companies give the level of assurance and where the report can be found (¶7.7), said the FCA “would not require listed companies to provide reasons for not choosing not to obtain assurance” (¶7.6), and at ¶7.8 reserved the question of mandatory assurance for a later stage.

CP26/5 names no assurance standard; ISSA (UK) 5000, issued by the FRC on 12 November 2025, is for voluntary use and governs how an engagement is performed, not whether one is required.

The government’s assurance oversight response of 30 January 2026 opts for a voluntary oversight regime and tasks the FRC with an interim, non-legislative regime by mid-2026; we have seen no announcement that its register is live.

More on engagement levels and providers is at UK SRS assurance.

Transition plan

No duty to have one. State whether you have one and, if so, where it can be found.

Assurance

No duty to obtain it. If obtained, name the provider, the disclosures assured and the standards used.

Overseas issuers

Secondary listings and depositary receipts

The secondary listing category is open only to non-UK incorporated companies with a primary listing elsewhere, and CP26/5 counted approximately 40 companies in it (¶9.2).

The final rules bring these companies, and depositary receipts, into UK SRS reporting on a comply-or-explain basis (PS26/19 ¶3.6).

That reverses the consultation: CP26/5 ¶9.4 had proposed removing the current TCFD requirements for them and substituting a statement.

That statement would have set out the climate or sustainability disclosure requirements the company was subject to in its primary listing location or place of incorporation, any standards it adopted voluntarily, and where the disclosures could be found — or that it had none.

It would have been carried by a new limb, UKLR 14.3.24R(1A), in the chapter that already holds the current rule, UKLR 14.3, and applied to depositary receipts through UKLR 15.3.

Question 15 had put the point to respondents in terms: these companies would “not … disclose against the UK SRS”.

CP26/5 would still have had them make the assurance statement (¶¶9.8–9.9, draft UKLR 14.3.24R(4)).

CP26/5 proposed that its changes for these categories apply to periods beginning from 1 January 2027, with earlier periods staying on the current TCFD-aligned rules (¶¶9.10–9.11).

An overseas company with a listing in the commercial companies category was always on the full route: CP26/5’s draft UKLR 6.6.17R put it alongside UK-incorporated issuers.

Worked examples for non-UK issuers are at overseas companies and UK SRS.

Mechanics

How the Listing Rules carry it

In CP26/5’s draft, UK SRS reached listed companies through the annual financial report rules in each listing chapter, not through a standalone sustainability sourcebook.

The FCA’s rule-making power for listing rules is section 73A of FSMA 2000, one of seven FSMA powers CP26/5 Appendix 1 listed as exercised.

The FCA’s sustainability reporting requirements page summarises the TCFD-aligned listed-company rules and the January 2026 consultation.

CP26/5 proposed a consequential change to ESG 2.2.6R that would let asset managers, life insurers and pension providers that are also listed cross-refer to their UK SRS S2 disclosures in their TCFD entity report (¶10.4).

CP26/5 did not propose digital tagging of sustainability disclosures (¶11.3), and sought views on it instead.

The difference between TCFD-aligned reporting and UK SRS is set out in TCFD vs UK SRS.

Where each obligation sat in CP26/5’s draft

UKLR 6
Equity shares (commercial companies)
Draft 6.6.6R(7A)–(7C), (8)(c)–(e), 6.6.6AR; overseas companies via 6.6.17R.
UKLR 16
Non-equity and non-voting equity shares
Draft 16.3.23R(-1)–(-3) and 16.3.23AR.
UKLR 22
Equity shares (transition)
Draft 22.2.24R(-1)–(-3).
UKLR 14 / 15
Secondary listing; depositary receipts
Draft 14.3.24R(1A) and (4) — a statement, not UK SRS. The final rules bring both categories into UK SRS reporting.
UKLR TP 16
UK SRS transitional provisions
New; commencement date left blank in the draft.

What happens next

From consultation to final rules

PS26/19 is the event that turned this page’s “proposed” into “final” — and, for UK SRS S2, into “changed”.

Consultation

30 January – 20 March 2026

CP26/5 asked 23 questions and invited responses by form or to cp26-5@fca.org.uk.

Final rules

30 September 2026

PS26/19 finalises CP26/5: comply or explain across the UK SRS, for accounting periods starting on or after 1 January 2027, with first reporting in 2028.

What changed

S2, scope, reliefs

UK SRS S2 moved from a proposed mandatory basis to comply or explain; secondary listings and depositary receipts moved from a signposting statement to UK SRS reporting; the reliefs are one year for Scope 3 and two years for S1 non-climate matters.

What it means for a listed company

A company in UKLR 6, 14, 15, 16 or 22 with a calendar year-end prepares its first UK SRS report — its disclosures and its explanations — for 2027, and publishes it in 2028.

The practical question is not whether to plan for UK SRS, but which reliefs to use and what the explanations will say.

What it means for a private company

The FCA’s rules do not reach private companies at all.

The Modernising corporate reporting consultation, open until 30 November 2026, says only that the government “will consider how UK SRS should be reflected in the Companies Act 2006”.

No government document proposes a threshold or a date for private companies.

We cover that consultation on Modernising corporate reporting, the wider picture in UK sustainability reporting requirements, and the private-company position in UK SRS for private companies.

Frequently asked

UK SRS and the FCA — frequently asked

What are the FCA’s final rules for UK SRS?

The FCA's final rules, in Policy Statement PS26/19 (30 September 2026), require listed companies to report against UK SRS on a comply-or-explain basis across all categories of disclosure, UK SRS S2 included. They apply to the commercial companies (UKLR 6), international commercial companies secondary listing (UKLR 14), depositary receipts (UKLR 15), non-equity and non-voting equity shares (UKLR 16) and transition (UKLR 22) categories, for accounting periods starting on or after 1 January 2027, with first reporting in 2028. Companies also disclose whether they have a climate-related transition plan and, if so, where it can be found; and, where they obtain assurance, who provided it, over which disclosures and under which standards.

What is FCA CP26/5?

CP26/5, 'Aligning listed issuers' sustainability disclosures with international standards', is the FCA consultation paper on applying UK SRS to listed companies. It opened on 30 January 2026, closed on 20 March 2026 and asked 23 questions. It was written against the draft UK SRS; the final standards were published by the Department for Business and Trade on 25 February 2026. The FCA finalised it in PS26/19 on 30 September 2026, adopting comply or explain across the UK SRS rather than the mandatory UK SRS S2 it had proposed.

Is UK SRS mandatory for listed companies?

No. The FCA's final rules adopt a comply-or-explain approach across the UK SRS: a listed company in scope reports against UK SRS S1 and S2, or explains why it has not, for accounting periods beginning on or after 1 January 2027. CP26/5 had proposed making UK SRS S2 climate reporting, excluding Scope 3, mandatory; the final rules do not.

How many companies are in scope of the FCA UK SRS rules?

PS26/19 gives no total company count. The consultation, CP26/5, estimated that around 600 listed companies would be affected (Annex 2 ¶43); that is the consultation's estimate, made when it proposed only a lighter statement for secondary listings and depositary receipts, which the final rules bring onto comply-or-explain.

Does the FCA require Scope 3 emissions under UK SRS?

On a comply-or-explain basis, as with every other UK SRS disclosure under the final rules. A company may use a one-year relief from disclosing Scope 3; it states that it is doing so, and no further explanation is required during the relief period. After that it discloses Scope 3 or explains why it has not.

Do the FCA’s rules make sustainability assurance mandatory?

No. Assurance is not required. Where a company obtains assurance, it names the provider, which disclosures were assured and which assurance standards were used (PS26/19 ¶2.45). CP26/5 had said the FCA was not proposing mandatory assurance 'at this time'.

When did the FCA publish its UK SRS Policy Statement?

On 30 September 2026, as PS26/19, 'Aligning listed issuers' sustainability disclosures with international standards'. The rules apply to accounting periods starting on or after 1 January 2027, with first reporting in 2028. CP26/5 had said the FCA aimed to publish in autumn 2026.

Does CP26/5 apply to private companies?

No. CP26/5 and the final rules that followed it are listing rules and reach only listed companies. For companies outside the FCA regime, the Modernising corporate reporting consultation published on 7 September 2026 says only that the government will consider how UK SRS should be reflected in the Companies Act 2006. No government document proposes a threshold or date for private companies.

Sources

Primary sources

Every figure, date and status on this page traces to the instrument’s owner. Secondary commentary is never the source for a number.

Checked against 20 sources fromFinancial Conduct AuthorityFCA Handbooklegislation.gov.ukDepartment for Business and TradeDepartment for Energy Security and Net ZeroIFRS Foundation

Financial Conduct Authority
PS26/19: Aligning listed issuers' sustainability disclosures with international standards
First published 30 September 2026. The final rules: listed companies in scope report against UK SRS on a comply-or-explain basis for accounting periods starting on or after 1 January 2027, first reporting in 2028.
Financial Conduct Authority
PS26/19 — Policy Statement (PDF)
Cover dated September 2026. ¶¶1.2 and 1.7 (comply or explain across all categories), ¶¶3.6–3.7 (scope), ¶3.12 (commencement), ¶¶3.14 and 3.20 (reliefs), ¶2.37 (transition plans), ¶2.45 (assurance).
Financial Conduct Authority
CP26/5: Aligning listed issuers' sustainability disclosures with international standards (PDF)
The consultation PS26/19 finalises, and its draft Handbook text. The source of every proposal, paragraph and draft rule this page records as the consultation position, including Annex 2 ¶43 (around 600 affected) and draft UKLR TP 16.
Financial Conduct Authority
CP26/5 consultation page — dates and next steps
Opened 30 January 2026, closed 20 March 2026; the FCA said it would "aim to publish a Policy Statement in autumn 2026, subject to the final UK SRS". It published PS26/19 on 30 September 2026.
Financial Conduct Authority
PS26/18: Cryptoasset Perimeter Guidance (September 2026)
The Policy Statement before PS26/19 in the FCA’s series, on cryptoasset perimeter guidance — unrelated to UK SRS.
FCA Handbook
UKLR 1.1.1R — application table and listing category titles
The full titles of UKLR 6, 11–19 and 22.
FCA Handbook
UKLR 6.6 — annual financial report, including UKLR 6.6.6R(8)
The TCFD-aligned rule in the Handbook as at 26 September 2026, which CP26/5 proposed to replace.
FCA Handbook
UKLR 14.3 — continuing obligations, secondary listing category
Where UKLR 14.3.24R, the current TCFD statement for secondary listings, sits.
Financial Conduct Authority
Primary Market Technical Note TN/802.3 — TCFD aligned climate-related disclosure requirements
January 2026 guidance mapping the current rule across UKLR 6, 14, 15, 16 and 22.
Financial Conduct Authority
Sustainability reporting requirements
The FCA's own summary of the current listed-company rules and the January 2026 consultation.
legislation.gov.uk
Financial Services and Markets Act 2000, section 73A
Part 6 rules and "listing rules" — one of the powers CP26/5 Appendix 1 lists.
Department for Business and Trade
UK SRS S2 Climate-related Disclosures (PDF)
Published 25 February 2026. ¶C4 (Scope 3 relief, no time limit) and ¶C6 (availability subject to FCA rules).
Department for Business and Trade
UK SRS S1 General Requirements (PDF)
The paragraphs draft UKLR 6.6.6AR would apply to climate disclosures.
Department for Business and Trade
Letter to the FCA on finalising UK SRS (5 January 2026)
Relief timing to be set by Companies Act regulations or FCA rules, not by the standards.
Department for Business and Trade
UK Sustainability Reporting Standards — GOV.UK guidance
The standards are available for voluntary use by any entity.
Department for Energy Security and Net Zero
Climate-related transition plan requirements — consultation
Ran 25 June to 17 September 2025; no outcome published as at 26 September 2026.
IFRS Foundation
Disclosing information about an entity’s climate-related transition… in accordance with IFRS S2 (June 2025)
The guidance document draft UKLR 6.6.7B G says companies may wish to use.
Department for Business and Trade
Developing an oversight regime for assurance of sustainability-related financial disclosures — government response
Published 30 January 2026: a voluntary oversight regime, with the FRC tasked with an interim register by mid-2026.
Financial Reporting Council
ISSA (UK) 5000 — General Requirements for Sustainability Assurance Engagements (PDF)
Issued 12 November 2025 for voluntary use; CP26/5 names no assurance standard.
Department for Business, Innovation, Science and Trade
Modernising corporate reporting — consultation
Published 7 September 2026, closes 30 November 2026; ¶155 on UK SRS and the Companies Act.

UK SRS and the FCA: the final rules

Final, not mandatory: where the FCA landed

Who the FCA rules reach: five listing categories

FCA CP26/5: what it proposed, and what the final rules say

UK SRS S2: comply or explain, not mandatory

UK SRS S1 non-climate: comply or explain

The reliefs: one year and two years

Transition plans and assurance: statements, not mandates

Transition plans

Assurance

Secondary listings and depositary receipts

How the Listing Rules carry it

From consultation to final rules

30 January – 20 March 2026

30 September 2026

S2, scope, reliefs

What it means for a listed company

What it means for a private company

UK SRS and the FCA — frequently asked

Primary sources

Read next

Who must comply with UK SRS

UK SRS timeline

Scope 3 under UK SRS

UK SRS assurance

Overseas companies and UK SRS

UK SRS S2