Bank of England News

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 …

Bank of England Warns Against Weakening Rules for Insurers, Banks After Brexit

Weakening rules for banks and insurers after Brexit would be “anathema,” but Britain could change its style of regulating to respond faster to change, Bank of England Deputy Governor Sam Woods said on Thursday. “So as far as the stringency …

Bank of England to Issue Rules for How Banks, Insurers Should Manage Climate Risk

The Bank of England will soon spell out how it wants banks, insurers and investment companies to manage the financial risks from climate change, Governor Mark Carney said on Thursday. The central bank under Carney has been vocal in highlighting …

UK Insurers, Banks to Get Regulatory Transition Period in Event of Hard Brexit

British regulators will give banks, asset managers, insurers and brokers until mid-2020 to fully comply with rules that replace European Union law in the event of a no-deal Brexit. The Bank of England and Britain’s Financial Conduct Authority (FCA) on …

Bank of England Pressures EU to Deliver No-Deal Brexit Fix for Financial System

The Bank of England turned up the pressure on the European Union to deliver legislation within weeks to avert a breakdown of access to London’s crucial financial infrastructure in a no-deal Brexit. “By early to mid-December, there would have to …

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 …