UK financial watchdog proposes broader scope for climate disclosures

© Reuters. Visitors to Greenwich Park sit and look towards Canary Wharf financial district as lockdown restrictions are eased amidst the spread of the coronavirus disease (COVID-19) pandemic in London, Britain, April 25, 2021. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) – Britain’s financial watchdog on Tuesday proposed widening the number of companies that should use globally-accepted standards for disclosing the impact of climate change on their business.

Companies listed on the London Stock Exchange’s premium segment use climate-related disclosures as recommended by the global Taskforce on Climate-related Financial Disclosures.

The Financial Conduct Authority said it was proposing to extend the use of TCFD disclosures to companies with a standard listing, asset managers, life insurers and FCA-regulated pension providers.

“The proposed rules are designed to help make sure that the right information on climate-related risks and opportunities is available along the investment chain – from companies in the real economy, to financial services firms, to clients and consumers,” the FCA said in a statement.

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