16 November 2020: We published our ‘Response to the general insurance industry – A framework for assessing financial impacts of physical climate change’, following feedback received for our ‘A framework for assessing financial impacts of physical climate change’ report, which was published on 22 May 2019.
10 November 2020: The Bank of England, Financial Conduct Authority, Financial Reporting Council, The Pensions Regulator, Department of Work and Pensions, Department for Business, Energy and Industrial Strategy and HM Treasury, published a joint statement in support of the International Financial Reporting Standards (IFRS) Foundation’s recent consultation paper proposing that it establishes a new standard setting body for sustainability disclosures, focussing on climate-related disclosures first.
9 November 2020: The Government–Regulator TCFD Taskforce, set up to examine the most effective way to approach climate related financial disclosures, including exploring the appropriateness of mandatory reporting, published an interim report and roadmap setting out an indicative path towards mandatory climate-related disclosures across the UK economy. Chaired by HM Treasury, the taskforce members are the Bank of England, Financial Conduct Authority, Financial Reporting Council, The Pensions Regulator, Department of Work and Pensions, and Department for Business, Energy and Industrial Strategy.
18 September 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator, Information Commissioner’s Office, Pensions Regulator, and HM Treasury (as observer member), we published an updated version of the Regulatory Initiatives Forum’s grid – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 24 months.
1 July 2020: We published a letter from Sam Woods to all PRA-regulated firms on ‘Managing climate-related financial risk – thematic feedback from the PRA’s review of firms’ SS3/19 plans and clarification of expectations’. We also published a speech by Sarah Breeden ‘Leading the Change: Climate Action in the Financial Sector’.
29 June 2020: The Climate Financial Risk Forum has published a guide written by the industry for the industry to help financial services firms approach and address climate-related financial risks.