UK SRS consultation: every consultation, tracked
The UK SRS regime is being built through a sequence of consultations — the FCA’s CP26/5 for listed companies, the DBT exposure-draft consultation that finalised the standards, a separate assurance consultation, and a private-company consultation still to come.
This page tracks each one: what it proposed, where it stands, and what happens next.
The UK SRS consultations at a glance
There is no single “UK SRS consultation”.
The regime is being assembled through several separate consultations run by different bodies, and it pays to keep them apart.
Two are complete and have produced results; one produced a published response; and one is still to come.
| Consultation | Run by | Status (June 2026) | What it decides |
|---|---|---|---|
| Exposure drafts of UK SRS S1 & S2 | DBT | Closed 17 Sep 2025 | The content of the standards themselves |
| CP26/5 — listed-company rules | FCA | Closed 20 Mar 2026 | Who must report, and from when (Listing Rules) |
| Assurance oversight regime | DBT / FRC | Response published Jan 2026 | How sustainability disclosures are assured |
| Climate transition plans | DBT | Next steps not yet set | Future transition-plan requirements |
| Private-company scope (MCR) | Government | Expected during 2026 | Whether large private companies are in scope |
Read in date order rather than by body, the picture is clearer: the standards were drafted, finalised and only then handed to the FCA to turn into Listing Rules.
The chronology below is the single timeline that ties the workstreams together.
| Date | Event | Status |
|---|---|---|
| Jun 2025 | DBT publishes exposure drafts of UK SRS S1 & S2 | Complete |
| 17 Sep 2025 | DBT exposure-draft consultation closes (209 responses) | Complete |
| 30 Jan 2026 | FCA publishes CP26/5 for listed companies | Complete |
| 25 Feb 2026 | DBT publishes final UK SRS S1 & S2 (six UK amendments) | Complete |
| 20 Mar 2026 | FCA CP26/5 consultation closes (7-week window) | Complete |
| Autumn 2026 | FCA Policy Statement with final rules expected | Expected |
| 1 Jan 2027 | Proposed first mandatory UK SRS S2 reporting period begins | Proposed |
The same dates, framed as a countdown to mandatory reporting, sit in our deadline tracker.
FCA CP26/5: the listed-company consultation
On 30 January 2026 the FCA published Consultation Paper CP26/5, “Aligning listed issuers’ sustainability disclosures with international standards”[1].
It proposed replacing the TCFD-aligned Listing Rules that have applied since 2021 with rules requiring in-scope listed companies to report against the UK SRS for accounting periods beginning on or after 1 January 2027[1].
The consultation ran for seven weeks and closed on 20 March 2026. The FCA is now reviewing responses and aims to publish a Policy Statement in autumn 2026[1].
| Requirement | Who | From | Basis |
|---|---|---|---|
| UK SRS S2 climate (excluding Scope 3) | ~500 primary-listed cos (UKLR 6, 16, 22) | FY beginning on/after 1 Jan 2027 | Mandatory |
| Scope 3 emissions | Same in-scope companies | FY beginning on/after 1 Jan 2028 | Comply-or-explain (1-yr relief) |
| UK SRS S1 (non-climate) | Same in-scope companies | FY beginning on/after 1 Jan 2029 | Comply-or-explain (2-yr relief) |
| Transparency statement only | Secondary listings & depositary receipts (UKLR 14, 15) | FY beginning on/after 1 Jan 2027 | State home-jurisdiction standard |
The Policy Statement is the single most consequential event left on the calendar for UK reporters.
Three outcomes are possible: the FCA adopts the proposals as drafted, modifies them in light of feedback, or adjusts the timeline.
For the full picture of who falls in scope, see our UK SRS × FCA framework, the detail of the climate standard in our UK SRS S2 analysis, and the deadline tracker.
The DBT exposure-draft consultation
Before the FCA could propose rules, the standards themselves had to be settled. The Department for Business and Trade published exposure drafts of UK SRS S1 and S2 in June 2025 and consulted on them until 17 September 2025[3].
That consultation asked whether the UK should endorse the ISSB’s IFRS S1 and S2, and what UK-specific amendments were needed[2].
DBT published its response alongside the final standards on 25 February 2026, confirming six narrow UK amendments and making the standards available for voluntary use[3].
The detail of those changes is covered in our endorsement analysis.
The assurance consultation
Alongside the standards, the government consulted on an oversight regime for the assurance of sustainability-related financial disclosures, and published its response at the end of January 2026[4].
The government intends to legislate when parliamentary time allows; in the meantime the Financial Reporting Council is establishing an interim regime and register[4].
To support quality, the FRC has already published the voluntary UK sustainability assurance standard, ISSA (UK) 5000[5].
What hasn’t been consulted on yet
Two significant consultations remain open questions.
Private companies. A government consultation on extending UK SRS to large, economically significant private companies and LLPs is expected during 2026 under the Modernising Corporate Reporting programme[2]. No thresholds, scope or timeline have been confirmed.
Transition plans. DBT also consulted on future climate transition-plan requirements, but the timing for next steps has not yet been set out[3].
See our analysis of who might be captured next in the ESG reporting requirements map.
How to engage with the next consultation
CP26/5 is closed, so the immediate value is in preparing for the next window rather than responding to the last one.
Monitor the FCA and GOV.UK consultation pages so you see the private-company consultation the day it opens[2].
Review each proposal against your own circumstances, and gather the evidence consultations actually reward: quantified costs, data-readiness gaps, and concrete examples of practical impact.
Answer the specific questions a consultation asks, reference the question numbers, and submit before the deadline through the official channel.
UK SRS consultation: frequently asked questions
Is the UK SRS consultation still open?
The FCA’s CP26/5 consultation — the main consultation on mandatory UK SRS reporting for listed companies — closed on 20 March 2026. The FCA is now reviewing responses and is expected to publish a Policy Statement with final rules in autumn 2026. The earlier DBT consultation on the UK SRS exposure drafts closed on 17 September 2025 and led to the final standards published on 25 February 2026. A further government consultation on extending UK SRS to large private companies is expected during 2026 but has not yet been published.
What is FCA CP26/5?
CP26/5, “Aligning listed issuers’ sustainability disclosures with international standards”, is the FCA consultation published on 30 January 2026. It proposed replacing the existing TCFD-aligned Listing Rules with rules requiring in-scope listed companies (UK Listing Rules categories 6, 16 and 22) to report against UK SRS S2 from 1 January 2027, with Scope 3 emissions and UK SRS S1 on a comply-or-explain basis. The consultation closed on 20 March 2026.
When will the FCA publish its final UK SRS rules?
The FCA has said it aims to publish a Policy Statement in autumn 2026, subject to the final UK SRS, with the new rules coming into force from 1 January 2027 for accounting periods beginning on or after that date. Until the Policy Statement is issued, the mandatory dates remain FCA proposals rather than law.
Was there a separate consultation on assurance?
Yes. The government consulted on developing an oversight regime for the assurance of sustainability-related financial disclosures, and published its consultation response at the end of January 2026. The government intends to legislate when parliamentary time allows; in the meantime the Financial Reporting Council is establishing an interim regime and register. The FRC published the voluntary UK sustainability assurance standard, ISSA (UK) 5000, in November 2025.
Will private companies be consulted on UK SRS?
A government consultation on extending UK SRS to large, economically significant private companies and LLPs is expected during 2026 as part of the Modernising Corporate Reporting (MCR) programme, confirmed by Written Ministerial Statement on 21 October 2025. No thresholds, scope or timeline have been confirmed — those decisions await the consultation.
How can I respond to the UK SRS consultation?
The FCA’s CP26/5 consultation has already closed, so it is no longer possible to submit a response to it. The next opportunity to engage is the government’s expected 2026 consultation on private-company scope. To prepare, monitor the FCA and GOV.UK consultation pages, review the proposals against your own circumstances, and gather evidence — costs, data-readiness gaps and practical impacts — that you can submit when the consultation opens.
Which companies did CP26/5 propose to bring into scope?
CP26/5 proposed mandatory UK SRS S2 reporting for around 500 primary-listed companies in UK Listing Rules categories 6, 16 and 22, for accounting periods beginning on or after 1 January 2027. It is not a market-wide rule: secondary listings and depositary receipts (UKLR categories 14 and 15) would instead make a transparency statement naming the standard used in their home jurisdiction, rather than reporting against UK SRS in full.
How many responses did the DBT exposure-draft consultation receive?
The Department for Business and Trade received 209 responses to its consultation on the UK SRS exposure drafts, which ran from June 2025 and closed on 17 September 2025. DBT published its response alongside the final UK SRS S1 and S2 standards on 25 February 2026, confirming six narrow UK-specific amendments and making the standards available for voluntary use.
- CP26/5: Aligning listed issuers’ sustainability disclosures with international standards — Financial Conduct Authority · Published 30 Jan 2026; closed 20 Mar 2026; Policy Statement expected autumn 2026
- UK Sustainability Reporting Standards (guidance) — GOV.UK / Department for Business and Trade · Government process, TAC/PIC committees and next steps
- Exposure drafts of UK Sustainability Reporting Standards: UK SRS S1 and S2 — GOV.UK / DBT · Exposure-draft consultation (Jun–Sep 2025) and government response
- Developing an oversight regime for assurance of sustainability disclosures: government response — GOV.UK / DBT · Assurance oversight regime; response published end Jan 2026
- FRC issues ISSA (UK) 5000 sustainability assurance standard — Financial Reporting Council · Voluntary UK assurance standard, November 2025