From 6th April 2022, TCFD-aligned reporting requirements have been extended to more than 1300 of the largest UK registered companies and financial institutions – are you one of them?
These mandatory climate related disclosures are driven by four separate regulatory bodies – the Financial Conduct Authority, Bank of England, Department for Work and Pensions and now the Department for Business, Energy and Industrial Strategy, all with slightly different reporting requirements. This is an important point to note for organisations that are subject to more than one regulatory body.
To find out how our experts can help to guide you through your TCFD reporting requirements, get in touch today.
The following shows which organisations are in scope for each regulatory body:
Financial Conduct Authority (FCA)
- Premium listed companies
- Standard listed companies
- Asset managers and owners (life insurers, FCA-regulated pensions providers) >£50 billion from 2022 and >£5 billion from 2023
Bank of England
- PRA-regulated banks, building societies and insurers
Department for Work and Pensions (DWP)
- Occupational pensions schemes >£1 billion
Department for Business, Energy and Industrial Strategy (BEIS)
- NEW from April 2022
- All UK companies that are currently required to produce a non-financial information statement, i.e. UK companies that have more than 500 employees and have either transferable securities admitted to trading on a UK regulated market, or are banking companies or insurance companies (Relevant Public Interest Entities (PIEs)
- UK registered companies with securities admitted to AIM with more than 500 employees
- UK registered companies which are not included in the categories above, which have more than 500 employees and a turnover of more than£500m
- LLPs which have more than 500 employees and a turnover of more than £500m
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