Bank of England News

UK Must Avoid Being a ‘Mere Taker’ of EU Financial Services Rules in Return for Access

Britain should not submit to the European Union’s financial services rules just to get better access to the bloc’s market after Brexit, Bank of England Governor Andrew Bailey said on Wednesday. European daily share trading worth 6 billion euros ($7.36 …

More Firms Need to Disclose Potential Financial Hit from Climate Change: Regulator

Too few companies specify their prospective financial hit from climate change under a voluntary global disclosure code that needs wider backing from asset managers and others to be fully effective, a global regulatory body said on Thursday. Climate change can …

Bank of England to Require Company Disclosures on Climate Risks

Current rules on company disclosures to help markets price in risks from climate change will become mandatory, a senior Bank of England official said on Friday. It is the latest push in the financial sector to harmonize standards globally so …

Bank of England Sees Few Threats to Financial Stability from Brexit

Britain’s full exit from the European Union could be bumpy for investors as banks staff new hubs in the bloc, but there are few threats to wider financial stability, the Bank of England said on Thursday. Britain left the EU …

UN Envoy Carney Backs Investors’ Call for Increased Climate Risk Disclosure

United Nations climate envoy Mark Carney on Thursday threw his weight behind a growing push by investors for companies to more accurately reflect climate-related risks in their financial accounts. Such risks can range from physical dangers such as water levels …

Bank of England Warns Private Insurers Need Government to Help Narrow Protection Gap

The Bank of England has encouraged the government to work with UK insurers in preparation for future major shocks, rather than leave swathes of the economy exposed to catastrophic losses. The danger of a “protection gap” is emerging as firms …

Biggest Uncertainty for UK Insurers Remains Around Business Interruption Claims: BoE

The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses caused by …

Congressional Action Plan on Climate Change Applauded by Zurich, IBHS

A Congressional action plan for a clean energy economy is garnering a bit of praise from a few important names in the insurance industry. The House of Representatives in 2019 established the House Select Committee on the Climate Crisis to …

UK Insurers, Banks Must Be Ready to Manage Climate Risks by End of 2021: BoE

Banks and insurers in Britain must implement by the end of 2021 plans they have drawn up to deal with risks to their businesses from climate change, the Bank of England (BoE) said on Wednesday. The BoE previously told firms …

UK Insurers, Banks Are Weathering Effects on Capital of COVID-19 Crisis: BoE’s Woods

Britain’s banks have enough funds to keep lending to the economy even under the deep recession scenario outlined by a government watchdog, Bank of England Deputy Governor Sam Woods said on Wednesday. The BoE has allowed banks to tap 23 …