ICAS backs FCA’s UK SRS plan but warns on proposed reliefs
Key takeaways
- ICAS backs FCA’s UK SRS plan but warns on proposed reliefs.
- ICAS said it supports FCA’s intent and to provide clarity on the application of the UK SRS.
- It added that the FCA is effectively “setting the trajectory in the market” for the pace and scope of adoption, along with the reliefs that will apply.
ICAS backs FCA’s UK SRS plan but warns on proposed reliefs. The institute said aligning UK rules with IFRS sustainability disclosure standards is vital for stronger global comparability. Credit: Mistervlad/Shutterstock.com. · The Accountant · Mistervlad/Shutterstock.com. Ellichipuram Umesh Tue, May 26, 2026 at 6:11 PM GMT+7 2 min read The Institute of Chartered Accountants of Scotland (ICAS) said that it welcomes the Financial Conduct Authority’s (FCA) plans to reshape listed company sustainability reporting around the UK Sustainability Reporting Standards (UK SRS).
In its response to Consultation Paper CP26/5, ICAS backed the proposal to replace the current climate disclosure rules with requirements built on UK SRS S2 for climate-related disclosures, alongside an option to use UK SRS S1, “General Requirements for Disclosure of Sustainability-related Financial Information”.
ICAS said it supports FCA’s intent and to provide clarity on the application of the UK SRS.