Newsflash
The FCA’s consultation on enhancing climate-related disclosures
01 Jul 2021
Last week, the FCA issued a Consultation Paper (‘CP’) 21/17 on enhancing climate-related financial disclosures by asset managers, life insurers, and FCA-regulated pension providers.
The proposals will require in-scope companies to prepare two levels of financial disclosures in line with the Taskforce on Climate-related Financial Disclosures (‘TCFD’) recommendations; entity-level disclosures, and product or portfolio-level disclosures. The consultation closes on 10 September 2021, with the FCA aiming to publish the finalised requirements later in 2021.
Who is in scope of the consultation?
The requirements will apply to*:
- Life insurers and pure reinsurers
- Non-insurer FCA-regulated pension providers
- Asset managers
What products are in scope of the consultation?
- Insurance-based investment products
- DC pension products
- SIPPs
*Firms are only in scope if their assets under management (‘AuM’) relating to the in-scope products are over £5bn.
This consultation builds on the UK government’s consultation earlier in 2021, which proposed that TCFD disclosures be mandatory for many large UK companies, which in turn built off the back of the FCA’s PS 20/17, which made TCFD disclosures mandatory for companies with a UK premium listing. For more information on this consultation and on the TCFD see our previous newsflash here.
Read the full newsflash to find out more about:
- The proposed disclosure requirements
- What's next?
- How Hymans Robertson can support you
If you would like to discuss with one of our specialists, please get in touch.
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