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2 min read sustainability reporting

FCA moves to ‘comply or explain’ approach for UK sustainability reporting

The FCA has published Policy Statement PS26/19 alongside PMB 66, and has confirmed a significant change to its approach to sustainability reporting for listed companies, moving to a ‘comply or explain’ framework. 
Susan Wright
Susan Wright
FCA moves to ‘comply or explain’ approach for UK sustainability reporting
Photo by Francesco Gallarotti/Unsplash.

At the end of September 2026, the Financial Conduct Authority (FCA) published Policy Statement PS26/19 alongside PMB 66, and has confirmed a significant change to its approach to sustainability reporting for listed companies, moving to a ‘comply or explain’ framework for disclosures under the UK Sustainability Reporting Standards (UK SRS). 

Under Policy Statement PS26/19, the FCA has decided that both UK SRS S1, covering wider sustainability related financial disclosures, and UK SRS S2, covering climate related disclosures, will operate on a comply or explain basis.

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