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Bank of England urges firms to prepare for climate change risks

Neil Hodge | October 16, 2018

The Bank of England (BoE) wants boards of financial services firms to take a stronger role in identifying and managing financial risks caused by climate change by making individual executives accountable and improving disclosure.

The Prudential Regulation Authority (PRA), the financial regulator that is overseen by the U.K.’s central bank, wants firms to improve their long-term approaches to managing the potential financial fallout from climate change-related risks to their operations. 

The BoE wants banks to analyse the financial impact of climate-related risks more effectively, such as what impact a flood plain might have on their mortgage portfolio, in the way that insurers already do.

In a “supervisory statement” to all U.K. insurers, banks, building societies, and PRA-designated...

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