Featured Product

    BoE and PRA Publish Annual Reports for 2019-20

    June 18, 2020

    BoE and PRA published their annual reports and accounts for the period of March 01, 2019 to February 29, 2020. The BoE annual report provides information on activities for the preceding year and highlights strategic goals for 2020-21. For the first time, BoE also published a report on the climate-related financial disclosures. In line with the BoE expectations from financial firms, BoE has published the report setting out its approach to managing the risks from climate change across its entire operations, including the steps it has taken to improve understanding of these risks.

    A key highlight of the BoE annual report is the work done across BoE in helping UK businesses and households manage through the economic shock from COVID-19 crisis. Other (highlights include putting into place the final major piece in the resolution regime for banks in UK and providing leadership on meeting the challenges from climate change and the provision of detailed climate-related disclosures. The report on climate-related financial disclosure of BoE covers its approach to climate-related risk disclosure, the governance structures and processes BoE uses to manage climate-related financial risk, approach to setting climate strategy and managing the implementation of this strategy, and approach to climate-related financial risk management, including the BoE targets and the metrics it tracks. The strategic goals for 2020-21, as mentioned in the annual report, include

    • Maintaining monetary and financial stability in the UK’s new relationship with the EU
    • Enhancing the strength, security, and efficiency of internal operations of BoE
    • Embracing fintech
    • Building greater operational resilience in the financial system
    • Ending “too big to fail"
    • Facilitating a smooth climate transition through more prolific climate reporting, more robust risk assessments, and the optimization of investors’ returns

    The PRA annual report contains annual report of Prudential Regulation Committee, report on certain aspects of ring-fencing (following its implementation on January 01, 2019), and the Annual Competition Report (June 2020). The annual report includes information on the work on ensuring adequate capitalization of firms, supervising for operational resilience, ensuring orderly Brexit, and adapting to changes in the external market. Members of the public are invited to make representations to PRA, by September 18, 2020, on the PRA Annual Report and the way in which PRA has discharged, or failed to discharge, its functions during the period to which the report relates. Members are also invited to make representations on the extent to which, in their opinion, the PRA objectives have been advanced, the PRA has considered the regulatory principles to which it must have regard when carrying out certain of its functions (contained in section 3B of Financial Services and Markets Act 2000, or FSMA), and the PRA has facilitated effective competition in the markets for services provided by authorized firms in carrying on regulated activities in accordance with section 2H of FSMA.

     

    Related Links

    Comment Due Date: September 18, 2020

    Keywords: Europe, UK, Banking, Insurance, ESG, Climate Change Risk, Brexit, Ring-Fencing, Annual Report, Disclosures, Strategic Goals, PRA, BoE

    Featured Experts
    Related Articles
    News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    News

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News
    News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News
    News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News
    News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News
    News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8962