UK SRS · News and status
UK SRS news and status: the final FCA rules, and what is still open
The biggest UK SRS news of the year landed on 30 September 2026: the FCA’s final rules, PS26/19, put listed companies on a comply-or-explain basis against UK SRS.
The rules apply to accounting periods beginning on or after 1 January 2027, with first reporting in 2028.
This hub keeps a dated status line for every UK SRS workstream, and points to the page on this site that answers each question in full.
Latest, 30 September 2026
The FCA’s final rules: comply or explain, from 2027
The FCA has “finalised rules requiring listed companies to report against UK Sustainability Reporting Standards (UK SRS), on a comply or explain basis”.
That is a change from CP26/5, which had proposed making UK SRS S2 mandatory apart from Scope 3.
Secondary listings and depositary receipts now report against UK SRS too, where CP26/5 had proposed only a signposting statement.
The dates CP26/5 consulted on were kept: periods beginning on or after 1 January 2027, first reporting in 2028, Scope 3 relief for one year and S1 relief for two.
Alongside the rules, Primary Market Bulletin 66 opens a consultation on draft Technical Note 803.1, the FCA’s guidance on complying and explaining, until 28 October 2026.
The full account is on UK SRS and the FCA, and what it means for an annual report on UK SRS comply or explain.
Listed companies in UKLR 6, 14, 15, 16 and 22 either disclose in accordance with UK SRS S1 and S2 or explain why not, for periods beginning on or after 1 January 2027.
A one-year Scope 3 relief and a two-year relief for S1 beyond climate apply, and the TCFD-aligned rules are replaced.
Dated status
Where every UK SRS workstream stands today
As at 30 September 2026. Final = decided or happened; Proposed = consulted on or aimed at, not decided; No date = open with no date set.
| Workstream | Status | Where it stands | Source |
|---|---|---|---|
| UK SRS S1 and S2 | Final | Issued 25 Feb 2026; voluntary for any entity; no effective date | DBT |
| FCA listing rules | Final | PS26/19, 30 Sep 2026; instrument made 24 Sep 2026; in force 1 Jan 2027 | FCA |
| First reporting | Final | Periods beginning on or after 1 Jan 2027; first reports 2028 | FCA ¶3.12 |
| FCA guidance (TN 803.1) | Proposed | Draft; feedback by 28 Oct 2026; to be finalised before 1 Jan 2027 | FCA PMB 66 |
| FCA webinar | Final | 19 Oct 2026 | FCA |
| FCA supervisory approach | No date | Update promised for the second half of 2027 | FCA |
| Assurance | Final | Not required; state whether obtained; ISSA (UK) 5000 voluntary from periods beginning 15 Dec 2026 | FRC |
| Mandatory assurance | No date | FCA will keep under review; government has no plans “at this stage” | MCR ¶178 |
| Transition plan requirements | No date | Consulted on 2025; no outcome published | GOV.UK |
| UK SRS in the Companies Act | Proposed | Government “will consider”; consultation open to 30 Nov 2026 | GOV.UK |
| Private companies | No date | No proposal, no threshold, no date | MCR ¶¶154–155 |
How the regime was built
Three moves: two made, one open
The first move, endorsement, happened on 25 February 2026, when the government issued UK SRS S1 and UK SRS S2 with its response to the 2025 exposure-draft consultation.
From that day the standards exist and any UK entity can use them, in whole or in part, as the government’s guidance says.
The second move, FCA rule-making, finished on 30 September 2026 with PS26/19, which gives the standards force for five listing categories on comply or explain.
The third move, anything beyond listed companies, has not started: the government says it will consider how UK SRS should be reflected in the Companies Act 2006, and proposes nothing more.
Until something is proposed, any claim about private-company scope or thresholds is speculation, and the scope picture is on who needs UK SRS.
How the standards got here is on UK SRS endorsement, and every consultation on the UK SRS consultation.
The standards
S1 and S2, in one line each
UK SRS S1 sets the general requirements: disclose the sustainability-related risks and opportunities that could reasonably be expected to affect cash flows, access to finance or cost of capital, across four pillars.
UK SRS S2 applies the same pillars to climate, with scenario analysis and gross Scope 1, 2 and 3 emissions.
Both are the UK’s endorsed versions of the ISSB’s standards, on the IFRS Sustainability Standards Navigator, with few changes.
The full disclosure set is on UK SRS requirements, and a primer on what UK SRS S1 and S2 are.
The energy regimes beside UK SRS are on the ESOS and SECR hub, and the whole landscape on ESG reporting requirements in the UK.
A fuller standards reference sits on the family’s UK SRS reference site.
| Regime | Who | Relationship to UK SRS |
|---|---|---|
| UK SRS S1 and S2 | Voluntary for any entity | The standards themselves |
| FCA listing rules | UKLR 6, 14, 15, 16, 22 | Comply or explain against UK SRS from periods beginning 1 Jan 2027 |
| TCFD-aligned listing rules | Same categories | Apply to periods beginning before 1 Jan 2027, then replaced |
| Companies Act climate disclosures | Large companies and LLPs | UK SRS S2 is a national framework under s.414CB(6); under review |
| SECR | Quoted and large unquoted companies, large LLPs | Separate; location may move under MCR; DESNZ to consult |
| ESOS | Large undertakings | Separate; Phase 4 compliance date 5 Dec 2027 |
On this site
Every UK SRS question, and the page that answers it
UK SRS and the FCA
The final rules in PS26/19: scope, dates, reliefs, TCFD replacement, supervision.
Comply or explain
What an explanation must contain, and what a listed company builds.
UK SRS requirements
What S1 and S2 ask a company to disclose, pillar by pillar.
UK SRS compliance checklist
Every statement the annual report needs, and the FCA’s nine steps.
UK SRS deadline
Your first period and publication date, from your year-end.
UK SRS timeline
Every milestone from 2020 to 2029, marked final or open.
UK SRS consultation
CP26/5, the government consultations, and TN 803.1.
UK SRS endorsement
How IFRS S1 and S2 became UK SRS, and what changed.
Who needs UK SRS?
The five listing categories, and everyone the rules do not reach.
What is UK SRS?
The primer: S1 and S2, the four pillars, and how they interlock.
UK SRS S2 climate disclosures
The climate standard in full: scenario analysis, metrics, emissions.
Scope 3 under UK SRS
The 15 categories, the one-year relief and the data build.
UK SRS software
What a reporting system must produce, and how to evaluate one.
Latest SRS developments
A dated log of developments across UK sustainability reporting.
News stories about UK SRS are published once, on the family’s news desk; this hub keeps the status, and each page above keeps its subject current.
The FCA’s own list of consultation papers and the UK Listing Rules categories are the primary places to check the regulator’s side.
To talk through where your company stands, you can book a free 15-minute call.
Frequently asked
UK SRS — frequently asked
What is the latest UK SRS news?
On 30 September 2026 the FCA published PS26/19, its final rules requiring listed companies to report against UK SRS on a comply-or-explain basis for accounting periods beginning on or after 1 January 2027, with first reporting in 2028. It also opened a consultation on draft Technical Note 803.1, its guidance on complying and explaining, with feedback due by 28 October 2026, and announced a webinar on 19 October 2026.
Is UK SRS mandatory in 2026?
No. UK SRS S1 and S2 were issued on 25 February 2026 for voluntary use. For listed companies the FCA's rules take effect for accounting periods beginning on or after 1 January 2027, and they are comply or explain, not mandatory. No other UK entity is required to use UK SRS.
What is the difference between UK SRS S1 and UK SRS S2?
UK SRS S1 sets the general requirements for disclosing sustainability-related financial information across governance, strategy, risk management, and metrics and targets, for every material sustainability topic. UK SRS S2 applies that structure to climate, adding requirements such as scenario analysis and gross Scope 1, 2 and 3 greenhouse gas emissions. Both are the UK's endorsed versions of the ISSB's IFRS S1 and IFRS S2.
Who is in scope of UK SRS?
Under the FCA's final rules, companies listed in UKLR 6 (commercial companies), 14 (secondary listing), 15 (depositary receipts), 16 (non-equity and non-voting equity shares) and 22 (transition). CP26/5 estimated that around 600 listed companies would be affected; PS26/19 gives no total. Private companies are not in scope of any rule or proposal.
Does UK SRS replace TCFD reporting?
For listed companies, yes. PS26/19 says the new rules "will replace the existing TCFD aligned disclosures", from accounting periods beginning on or after 1 January 2027. The Companies Act climate-related financial disclosure requirements for large companies are a separate regime, under a post-implementation review, and the government's Modernising corporate reporting consultation makes no proposal about them.
What is still undecided about UK SRS?
The FCA's guidance on complying and explaining (Technical Note 803.1) is out for consultation until 28 October 2026, and its updated supervisory approach is due in the second half of 2027. Beyond listed companies, nothing is decided: the government will consider how UK SRS is reflected in the Companies Act, has not published an outcome on transition-plan requirements, and has no plans to require assurance at this stage.
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.
- Financial Conduct AuthorityPS26/19 landing page
First published 30 September 2026: comply or explain across UK SRS; Technical Note feedback by 28 October 2026; FCA webinar on 19 October 2026; supervisory information in the second half of 2027.
- Financial Conduct AuthorityPS26/19: Aligning listed issuers' sustainability disclosures with international standards (PDF)
The final rules, September 2026: comply or explain across UK SRS (¶¶1.2, 1.7), TCFD rules replaced (¶1.10), scope (¶¶3.6–3.7), dates and reliefs (¶¶3.12–3.25), and the made instrument in Appendix 1 (UKLR 6.6.6R(7A)–(8), TP 16).
- Financial Conduct AuthorityPrimary Market Bulletin 66 — draft Technical Note 803.1 (comply or explain)
Published 30 September 2026: consults on TN 803.1, TN 801.4 updates and deleting TN 802.3; comments to primarymarketbulletin@fca.org.uk by 28 October 2026; nine preparation steps.
- Financial Conduct AuthorityCP26/5 consultation paper (PDF)
The consultation; the ~600 affected-company estimate at Annex 2 ¶43.
- Department for Business and TradeUK SRS S1 and UK SRS S2 — publication page
Published 25 February 2026.
- Department for Business and TradeUK Sustainability Reporting Standards — guidance
"Available for voluntary use, by any entity that chooses to do so."
- Department for Business and TradeExposure drafts: UK Sustainability Reporting Standards — consultation and outcome
25 June to 17 September 2025; 209 responses; final standards 25 February 2026.
- Department for Business and TradeGovernment response to the UK SRS exposure-draft consultation
Annex A (differences from IFRS S1 and S2), removal of effective dates and relief durations, 209 responses.
- IFRS FoundationIFRS Sustainability Standards Navigator
IFRS S1 and IFRS S2, which UK SRS endorses.
- FCA HandbookUKLR 1.1 — the listing categories
The category titles the scope is defined by.
- legislation.gov.ukCompanies Act 2006
The Act the government will consider reflecting UK SRS in; s.414CB climate-related financial disclosures.
- Department for Business, Innovation, Science and TradeModernising corporate reporting — consultation
Published 7 September 2026, closes 30 November 2026; ¶¶154–155 on UK SRS and the Companies Act.
- Department for Business, Innovation, Science and TradeModernising corporate reporting — consultation document (PDF)
¶¶147–150 (CFD review; SECR location; SECR and ESOS consultation), ¶¶154–155 (UK SRS), ¶178 (assurance).
- Financial Reporting CouncilISSA (UK) 5000 (PDF)
¶15: effective for periods beginning on or after 15 December 2026; issued 12 November 2025 for voluntary use.
- Department for Business and TradeOversight regime for sustainability assurance — government response
30 January 2026: a voluntary, FRC-operated regime; ¶1.15 register "well ahead of the 1 January 2027 reporting year".
- GOV.UKClimate-related transition plan requirements — consultation
Ran 25 June – 17 September 2025; no outcome published when re-checked on 28 September 2026.
- Financial Conduct AuthorityFCA consultation papers
The FCA’s list of consultation papers, including CP26/5.