16 November 2020: We published our ‘Response to the general insurance industry – A framework for assessing financial impacts of physical climate change’, following feedback received for our ‘A framework for assessing financial impacts of physical climate change’ report, which was published on 22 May 2019.
13 November 2020: We announced Climate BES timelines, participants and a planned programme of engagement with participants ahead of launch. The Climate BES will be launched in June 2021.
10 November 2020: The Bank of England, Financial Conduct Authority, Financial Reporting Council, The Pensions Regulator, Department of Work and Pensions, Department for Business, Energy and Industrial Strategy and HM Treasury, published a joint statement in support of the International Financial Reporting Standards (IFRS) Foundation’s recent consultation paper Opens in a new window Opens in a new window proposing that it establishes a new standard setting body for sustainability disclosures, focussing on climate-related disclosures first.
9 November 2020: The Government–Regulator TCFD Taskforce, set up to examine the most effective way to approach climate related financial disclosures, including exploring the appropriateness of mandatory reporting, published an interim report and roadmap Opens in a new window Opens in a new window setting out an indicative path towards mandatory climate-related disclosures across the UK economy. Chaired by HM Treasury, the taskforce members are the Bank of England, Financial Conduct Authority, Financial Reporting Council, The Pensions Regulator, Department of Work and Pensions, and Department for Business, Energy and Industrial Strategy.
18 September 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator, Information Commissioner’s Office, Pensions Regulator, and HM Treasury (as observer member), we published an updated version of the Regulatory Initiatives Forum’s grid Opens in a new window Opens in a new window – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 24 months.
1 July 2020: We published a letter from Sam Woods to all PRA-regulated firms on ‘Managing climate-related financial risk – thematic feedback from the PRA’s review of firms’ SS3/19 plans and clarification of expectations’. We also published a speech by Sarah Breeden ‘Leading the Change: Climate Action in the Financial Sector’.
29 June 2020: The Climate Financial Risk Forum has published a guide Opens in a new window Opens in a new window written by the industry for the industry to help financial services firms approach and address climate-related financial risks.
24 June 2020: The Network for Greening the Financial System (NGFS) published a set of scenarios for climate-risk analysis by central banks and supervisors. This work was led by Workstream 2 of the NGFS, which is chaired by the Bank, and will form the basis for the scenarios in the 2021 Climate BES.
18 June 2020: We published the Bank’s first climate-related financial disclosure, setting out the Bank’s approach to managing the risks from climate change across its entire operations, including the steps taken to improve its understanding of these risks in future years.
7 May 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator and HM Treasury (as observer member), we published the Regulatory Initiatives Forum’s first grid Opens in a new window Opens in a new window – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 12 months.
7 May 2020: We published a
statement announcing further details of our plans to support firms we regulate and enable them to focus resources on the highest priority work in light of Covid-19.