Bank of England News

Working From Home Could Hurt Women’s Careers: Bank of England’s Mann

Women who work mostly from home risk seeing their careers suffer now that significant numbers of workers are returning to the office after the COVID-19 pandemic, Bank of England policymaker Catherine Mann said on [Nov. 11]. Mann, a member of …

Bank of England to Push Banks, Insurers on Climate Risk Capital Requirements

The Bank of England will crack down from next year on banks and insurers that do not hold enough capital to cover risks from climate change, while also considering bespoke safety buffers. Climate-related financial risks are partially captured by existing …

New Rules Needed to Deal With Risks From Cloud Computing: Bank of England

New rules will be needed to deal with operational risks from banks relying on outsourced “cloud” computing from Amazon, Google, Microsoft and others for providing services to customers, the Bank of England said on Friday. “Regulated firms will continue to …

Bank of England Launches Climate Change Stress Test for Insurers, Banks

The Bank of England on Tuesday set out its first comprehensive stress test of the ability of the British financial system to cope with climate change, saying the results will not be used to determine capital requirements for now. The …

Bank of England Warns of Potential Risks from Cloud Data Providers

LONDON – The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said. The …

Britain Shouldn’t Blindly Adopt EU Rules Just to Keep Business in London: BoE’s Brazier

LONDON – Britain should not be “short-sighted” and copy European Union rules just to keep financial activity in London, Bank of England executive director for financial stability Alex Brazier said on Monday. The City of London was cut adrift from …

UK Insurers Not Likely to See Cuts in Capital Requirements After Brexit: Bank of England

The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a 1.7 billion pound bill for COVID-19 claims. Britain …

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 …