Insights

The UK Financial Conduct Authority (FCA) recently issued consultation paper CP26/5, proposing to replace the existing Task Force on Climate-related Financial Disclosures (TCFD) requirements with new rules mandating listed companies to report against the UK Sustainability Reporting Standards (UK SRS). These are based on the IFRS Sustainability Disclosure Standards developed by the International Sustainability Standards Board (ISSB).

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) brings major changes to UK company law and the operation of Companies House. Whether you are a UK business, an LLP, or an international organisation with UK operations, these reforms will affect your compliance obligations and the way you manage company records. The ECCTA aims to strengthen the UK’s response to corporate and economic crime by improving transparency and accountability across all entities registered or operating in the UK.

The Digital Markets, Competition and Consumers Act 2024 (the “Act”) received Royal Assent on 24 May 2024. Its focus is to bolster competition in the UK and ultimately, protect consumers. The Act makes significant changes by introducing new obligations and providing direct enforcement powers to the Competition and Markets Authority (CMA). Businesses will need to be aware of the new changes from the outset and adopt a proactive approach to their implementation, crucially to avoid being subject to unwanted penalties for breaches.