Jurisdiction(s):
United Kingdom

Key definition

Disclosure definition

What does Disclosure mean? Disclosure describes the process in litigation by which a party identifies, lists and, where not protected by privilege, allows inspection of documents within its control that are relevant to the issues in dispute, including confirming that a document exists or has existed. It covers paper and electronic material (ESI), and carries a continuing duty to preserve and disclose. In England and Wales, disclosure is governed by the Civil Procedure Rules: standard disclosure and inspection under Part 31, and in the Business and Property Courts, initial and extended disclosure under Practice Direction 57AD. Parties must conduct a reasonable and proportionate search, list...

UK climate and sustainability disclosure regime for financial institutions: corporate and FCA rules, SDR, forthcoming UK SRS (IFRS S1/S2), transition plans, and EU developments

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note summarises the mandatory climate-related Disclosures applicable to UK financial institutions and the intention to extend Sustainability reporting in the UK under IFRS S1 and S2.

What are the current UK requirements?

In the UK, climate-related disclosures are already compulsory through corporate legislation, alongside distinct Financial Conduct Authority (FCA) rules for certain listed issuers and financial services firms. The FCA has additionally set out some sector- and product-specific disclosure expectations. The government is reviewing the UK climate disclosure frameworks and, on 25 June 2025, issued the following consultations:

a Department for Business and Trade consultation on draft UK Sustainability Reporting Standards (UK SRS), to incorporate the ISSB’s IFRS S1 and IFRS S2 into UK law
a Department for Business and Trade consultation on proposals for stronger regulatory oversight of third-party assurance over sustainability-related financial disclosures
a Department for Energy Security and Net Zero (DESNZ) consultation on transition plans

The FCA has also signalled that it will consult on bringing UK SRS into the listing regime and on transition plans...

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Ruth Knox

Paul Hastings LLP

Ruth Knox is a partner in the Corporate Department and chair of the ESG & Sustainable Finance practice at Paul Hastings and is based in the firm’s London office. Ruth advises some of the world’s most sophisticated private equity firms, corporations and project sponsors and lenders on complex and evolving legal issues relating to environmental, social and governance and climate-related regulatory requirements, investor demands, strategic opportunities (including transition strategies) and voluntary reporting frameworks and coalitions. She is an environment and climate change legal authority. Ruth’s practice focuses on counseling clients on the management, mitigation and maximization of ESG risks and opportunities, respectively. She has spent more than a decade advising on ESG regulations and soft law standards, including the EU Sustainable Finance package, the Corporate Sustainability Reporting Directive and the Task Force on Climate-related Financial Disclosure (TCFD) standard. She provides commercial,...

Joanna Broadwith

Paul Hastings LLP

Joanna Broadwith is a financial services regulatory lawyer in the ESG & Sustainable Finance practice at Paul Hastings and is based in the firm’s London office. Joanna advises clients on financial services regulatory law, specialising in sustainable finance and environmental, social and governance (ESG) matters, including climate and sustainability-related legal considerations and risks, and M&A. She has experience working with a diverse range of clients, including private equity firms, banks and other financial institutions and public and private companies. Prior to joining Paul Hastings, Joanna worked as a financial services regulatory lawyer at HSBC, where she advised on a wide range of matters, including advising on sustainable finance and ESG requirements. This followed over decade of experience advising on financial services regulatory matters at Allen & Overy. ...

Web page updated on 22/05/2026

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