Bank of England News

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 …

Outgoing BoE Governor Discusses Risks of Negative Interest Rates, Climate Change

Mark Carney said he’s lucky he never had to cut interest rates below zero as Bank of England governor because they would have damaged the UK. Carney, who leaves the central bank next month, has long been opposed to negative …

Most UK Insurers, Banks Unprepared for Risks of Climate Change

The Bank of England faces an uphill climb to get the finance industry ready for one of its biggest threats: the climate. About 80% of senior finance executives believe their firms “lack well-developed strategies to manage the risks of climate …

Financial Services Industry Must Act Faster on Climate Change: Bank of England Chief

Financial services have been too slow to cut investment in fossil fuels, a delay that could lead to a sharp increase in global temperatures, Bank of England Governor Mark Carney said in an interview broadcast on Monday. Carney, due to …

Bank of England Enhances Scrutiny of Lloyd’s Whistleblower Systems

The Bank of England has stepped up its monitoring of Lloyd’s of London’s whistleblowing systems, the central bank said on Monday, after reports this year about sexual harassment and bullying at the 330-year old insurance market. The Prudential Regulation Authority …

U.K. Names Bailey as Bank of England Chief, Succeeding Carney

Andrew Bailey will be the next head of the Bank of England after the government chose to replace Mark Carney with the U.K.’s top financial regulator, just as Britain faces the next phase of Brexit. He’ll start on March 16, …

Independent Insurance Agent Group Rep Calling Attention to Climate Change Dangers

A representative for an independent insurance agent group in one state has penned an opinion column calling attention to the dangers posed by climate change. “Going forward, our state remains vulnerable to the widespread devastation a significant hurricane can bring,” …

Many Major Central Banks, Minus U.S. Fed, Taking Action on Climate Change Risks

Bank of England Governor Mark Carney was in no mood for laughter as he stood in his tuxedo before the great and good of the British insurance industry. “I’m going to give you a speech without a joke, I’m afraid,” …

UK Regulator Asks Insurers to Weigh Possible Business Impact of Climate Change

The Bank of England for the first time is asking British insurers to gauge how global warming might impact the value of the stocks and bonds they hold — and its potential to upend financial markets. The central bank, which …

Lloyd’s Must Demonstrate Progress in Tackling Sexual Harassment: Bank of England

The Bank of England called for Lloyd’s of London to demonstrate progress in tackling the insurance market’s culture of sexual harassment. The BOE’s director of insurance supervision Anna Sweeney said she would work together with the Financial Conduct Authority to …