New FCA rules urge businesses to make better climate-related disclosures

From: RegTech Analyst

Commercial businesses are encouraged to make better climate-related financial disclosures through guidance from the Financial Conduct Authority (FCA).

The City watchdog has published a policy statement and final rule and guidance promoting better climate-related financial disclosures for UK premium listed commercial companies.

The new rules state that companies must include a statement in their annual financial report which sets out whether their disclosures are consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), and to explain if they have not done so.

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

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