Featured Product

    BoE and PRA Publish Annual Reports for 2020-21

    June 17, 2021

    BoE and PRA published their annual reports and accounts for the period of March 01, 2020 to February 28, 2021. The BoE annual report provides information on activities for the preceding year and highlights strategic priorities for 2021-24. BoE also published its second annual report on the climate-related financial disclosures. The disclosures report covers the climate change strategy of BoE, the governance structures and processes around its climate-related work, and the measurement and management of climate-related risks across its physical and financial operations. For the first time, the report includes scenario analysis drawing on the latest data and modeling techniques to estimate the financial impact of climate-related risks associated with the financial asset portfolios of BoE. In addition, the report includes preliminary analysis of the emissions impact of staff working remotely during 2020.

    The key highlights of the BoE annual report include the work done across BoE in responding swiftly to the impact of the COVID-19 pandemic as well as preparing banks and other financial firms for the end of the transition period to a new UK-EU trading relationship. The report also highlights that, during 2020-21, BoE continued to address challenges related to climate change actively through an ambitious climate work program covering both external policy functions and internal operations. The strategic priorities for the 2021-24, as mentioned in the annual report, are:

    • Ready policy toolkit and balance sheet for the future to continue to meet monetary and financial stability objectives
    • Proactively prepare for emerging risks in the financial system
    • Establish a robust regulatory regime for a post-Brexit world
    • Shape and deliver the future of payments
    • Respond to the challenge of climate change
    • Build a diverse and inclusive BoE and modernize the way BoE works 

    BoE has designated its work on climate change to be one of its key strategic priorities over the next three years. The key goals of this strategy are to ensure that the financial system is resilient to climate-related financial risks, support an orderly economy-wide transition to net-zero emissions, promote adoption of effective TCFD-aligned climate disclosures, and contribute to a coordinated international approach to climate change. 

     

    Related Links

    Comment Due Date: September 14, 2021

    Keywords: Europe, UK, Banking, Insurance, Climate Change Risk, ESG, Brexit, Annual Report, Disclosures, Strategic Priorities, BoE, PRA

    Related Articles
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    BoE Announces Changes to Validation Rules for Form BTL

    The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.

    July 20, 2021 WebPage Regulatory News
    News

    BCBS Proposes Changes to Process for Reviewing G-SIB Methodology

    The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.

    July 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7281