The Financial Reporting Council (FRC) has published the latest list of signatories to the UK Stewardship Code, confirming that 191 organisations meet the conditions to be signatories to the 2026 Code, including 6 new asset managers. The Code now has 290 signatories in total, comprising 197 asset managers, 74 asset owners and 19 service providers, including organisations that remain signatories following their last successful application under the 2020 Code. Early evidence from submissions shows that organisations are responding positively to the changes brought by the 2026 Code. Approximately 70% of signatories reduced the length of their reports by an average of 20%. The FRC will provide additional insights through a publication later in 2026 on the quality of reporting received and how to report well under the 2026 Code.

The Financial Reporting Council (FRC) has published a provision 29 mythbuster on cyber controls, prepared in consultation with the Department for Digital, Culture, Media and Sport and the National Cyber Security Centre. It states that declarations should address how boards monitored and reviewed the effectiveness of material controls as at the balance sheet date, without commercially sensitive information or specific technical controls. Provision 29 does not require a guarantee of cyber security or separate reporting of every cyber incident or breach. Where a breach indicates that a material control did not operate effectively as at the balance sheet date, the annual report should describe the control failure and action taken or proposed at a high level.

The Financial Reporting Council (FRC) has published version 1.0 of Technical Actuarial Standard 310 (TAS 310) which covers Collective Money Purchase Pensions. TAS 310 takes into consideration the differences in actuarial work for collective defined money purchase schemes when compared with defined benefit of defined contribution schemes. The new Standard, which follows on from an FRC consultation, includes requirements in relation to assumptions and modelling, as well as the provision of advice on assessments of scheme soundness, scheme valuations and setting actuarial factors.

The Financial Reporting Council (FRC) has published its Plan and Budget for 2026–27, introducing a new Audit Supervision Approach with more proportionate and risk-based processes and an End-to-End Enforcement Review featuring Accelerated Procedure and Early Admissions processes. The plan sets out the second year of its 2025–28 Strategy to uphold high standards in corporate governance, reporting and audit in support of UK economic growth, with delivery focused on five major projects, including reforms to supervision and enforcement, support for small and medium-sized enterprises, and the Innovation and Improvement Hub to enhance audit quality and market resilience. It also includes oversight of the first reporting cycle under provision 29 of the UK Corporate Governance Code and the transition to the updated UK Stewardship Code, whose signatories manage £56.4 trillion in assets, alongside plans to establish a voluntary sustainability assurance provider registration regime and maintain international leadership in audit and sustainability standard-setting. The FRC confirmed that its core activities of standard-setting, supervision and enforcement remain central to strengthening investor and stakeholder confidence, while its programme aims to reduce unnecessary regulatory burdens and support a resilient audit market. The budget is £73.3m, a below-inflation increase, with headcount remaining flat, and the plan developed following public consultation, remains unchanged despite the government’s decision not to introduce an Audit Reform Bill.

The Financial Reporting Council (FRC) has published provisional guidance to assist pension scheme actuaries who are asked by trustees or managers to consider whether a retrospective actuarial confirmation can be provided under sections 101 or 105 of the Pension Schemes Act 2026 in circumstances where the confirmation required under regulation 42 of the Occupational Pension Schemes (Contracting-out) Regulations 1996, SI 1996/1172 cannot be evidenced. It addresses industry-wide concern that some schemes may be unable to demonstrate that the necessary actuarial confirmations were obtained when historic rule amendments were made. To give actuaries sufficient time to prepare, the guidance has been published ahead of the Pension Schemes Bill receiving Royal Assent. The guidance is provisional and may therefore change to reflect any legislative amendments.

The Financial Reporting Council (FRC) has published reforms to its Audit Enforcement Procedure (AEP) as part of a broader move towards a more integrated regulatory approach. The revised framework is intended to align supervisory, investigatory and enforcement activities more closely and introduces an expanded range of routes to resolution alongside existing investigation and enforcement powers. The updated AEP comes into effect on 1 July 2026.

The Financial Reporting Council (FRC) published its ‘Structured Digital Reporting: Insights 2025/26’ report, identifying opportunities for UK listed companies to improve the quality, consistency and usability of structured digital financial reporting. The report is based on a review of 30 UK listed companies’ 2024/25 annual reports, alongside wider market analysis and engagement with preparers, software providers and other stakeholders.

The Financial Reporting Council (FRC) has published a report titled 'Preparing for the UK Stewardship Code 2026: Applying insights from current reporting' to help signatories transition to the updated Code, which takes effect on 1 January 2026. The report provides practical insights and examples of effective reporting to assist asset owners, asset managers and service providers in adapting to the updated Code's streamlined reporting structure. The UK Stewardship Code 2026 introduces a two-part reporting model, requiring signatories to submit a Policy and Context Disclosure every four years, alongside an annual Activities and Outcomes Report that demonstrates the practical application of the Code's Principles. The report addresses topics such as engagement reporting, the selection and oversight of external managers, voting in listed equity and stewardship in non-public equity asset classes. To facilitate the transition, 2026 will operate as a transitional year, during which existing signatories will retain their status provided they submit their first report under the updated Code within their usual application window in 2026.

The Financial Reporting Council (FRC) has published its review of climate-related financial disclosures (CFDs) by AIM and large private companies, following the first cycle of mandatory reporting. Although companies have made efforts to comply with CFD requirements, the FRC noted inconsistencies in the quality of disclosures among the selected companies. The report provides examples of good practice and identifies areas for improvement, aiming to support companies in developing more consistent, coherent, and concise CFDs.

The Financial Reporting Council (FRC) has published its review of reporting by the UK’s largest private companies. The FRC found that overall the quality of reporting was mixed and differentiated on how clearly companies explained complicated material matters.

The Financial Reporting Council (FRC) has published two thematic reviews into the quality of UK company reporting focusing on offsetting in the financial statements and International Financial Reporting Standards (IFRS) 17 Insurance Contracts. Offsetting involves presenting items that would otherwise be shown separately as a single net amount. The IFRS only allow or require offsetting in specific situations, and the FRC noted that companies should ensure accurate disclosures to avoid restatements. The IFRS 17 disclosures review noted good overall quality but identified areas for improvement including judgments, estimates, and alternative performance reviews.

The Financial Reporting Council (FRC) has published its revisions to the UK Corporate Governance Code (the Code). The revisions are aimed at enhancing transparency and accountability of UK companies and supporting the growth and competitiveness of the UK.