New FCA Climate-Related Disclosure Obligations: Start Planning Now

Author

Martin Lovick

Publish Date

Type

Compliance Alert

Topics

  • Compliance
  • FCA
  • ESG

On 17 December 2021, the FCA published its Policy Statement PS 21/24: Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers. Although only applicable to the very largest asset managers from the start of 2022, the new rules will capture a much wider population from 1 January 2023. For further background to the new requirements, see here for our commentary on the prior FCA Consultation CP21/17

Rather than copy the approach of the EU Sustainable Finance Disclosure Regulation (“SFDR”), which came into force in March 2021, the UK has chosen to adopt the Recommendations of the Taskforce on Climate-Related Financial Disclosures (“TCFD”), originally published in June 2017. In essence, compliance with the new FCA obligations means compliance with these recommendations. 

Download our guidance sheet to learn more about how to start planning for the upcoming changes. Topics include: 

  • What are the TCFD Recommendations and when do they come into force? 

  • Who is in scope? 

  • What are the disclosure requirements? 

  • Is this the beginning of a much wider ESG regime? 

  • Next steps – a checklist 

Download Guidance
 

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