Bank of England News

UK Insurers, Banks Need ‘Credible Plans’ for Climate Change Risks: Bank of England

Britain’s banks and insurers must come up with credible plans for protecting themselves against risks from climate change and may need to hold more capital, the Bank of England said on Monday. “Financial risks from climate change will be minimized …

Urgent EU Action Needed to Address Threat of Hard Brexit, Warns Bank of England

The Bank of England ratcheted up the pressure on the European Union to help stave off the threat a no-deal Brexit poses to trillions of pounds of derivative contracts and millions of insurance policies. The EU has made “only limited …

EU Watchdogs Step Up Plans to Avert Market Meltdown from No-Deal Brexit

After months listening to the U.K. warn about the risks posed by a no-deal Brexit, European Union financial regulators are now stepping up plans to avert a market meltdown. Daniele Nouy, the European Central Bank’s head of supervision, set an …

UK’s Tesco Bank Slapped with $21.4M Fine for ‘Foreseeable’ Cyber Attack in 2016

Britain’s markets watchdog has fined Tesco 16.4 million pounds ($21.4 million) for failing to protect account holders at its bank from a “foreseeable” cyber attack two years ago. The Financial Conduct Authority said that in November 2016 cyber attackers exploited …

UK Is Facing Messy, No-Deal Brexit, Warns Trade Secretary Fox

Prime Minister Theresa May’s ministers are ratcheting up warnings that Brexit talks risk ending in failure, with International Trade Secretary Liam Fox on Sunday predicting a messy split from the European Union. “The intransigence of the commission is pushing us …

Odds of No-Deal Brexit Are ‘Uncomfortably High,’ Warns BOE’s Carney

Mark Carney threw himself back into the thick of the Brexit debate on Friday, saying the chance of the U.K. dropping out of the European Union without a deal is “uncomfortably high.” The intervention suggests the Bank of England governor …

Insurers, Banks Warned to Prepare for Market Turmoil on Brexit Day

The Bank of England is war-gaming with lenders and insurers for potential market turmoil on Brexit day. Sam Woods, the central bank’s top supervisor, said contingency planning for Britain’s withdrawal from the European Union will be similar to its preparations …

Fewer Than 5,000 UK Financial Services Jobs Expected to Move by ‘Day One’ of Brexit

Fewer than 5,000 financial jobs might move out of Britain by “Day One” of Brexit and future relocations will depend on new trading terms with the European Union, Bank of England Deputy Governor Sam Woods said on Wednesday. “We have …

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who …

UK Financial Firms Need ‘Plan B’ for Inevitable Disruptions from Cyber Attack: BOE

Many U.K. financial firms don’t have a Plan B to fall back on if they’re hit by a cyber attack. The Bank of England wants to change that. Financial regulators told firms to come up with a detailed plan for …