Climate Financial Risk Forum

The Climate Financial Risk Forum (CFRF) is an industry forum jointly convened by the PRA and FCA to build capacity and share best practice 


Since its inception in March 2019, the CFRF has set up four technical working groups on disclosure, scenario analysis, risk management and innovation. Each working group is chaired by a CFRF member and supported by an external secretariat. Membership consists of wider industry participants, including trade associations, to ensure the perspective of a broad range of firms is represented. Each working group has planned the approach they propose to take and the outputs they will deliver in terms of practical guidance/ best practice material.

View minutes of the meetings

Background and launch in March 2019

Climate change and society’s response to it presents financial risks and opportunities that are relevant to the PRA’s and FCA’s objectives. While these risks may crystallise in full over time, they are becoming apparent now. Firms are enhancing their approaches to managing these risks, but face barriers to implementing the forward-looking, strategic approach necessary to minimise the risks. The CFRF aims to reduce these barriers by developing practical tools and approaches to address climate-related financial risks.

The objective of the CFRF is to build capacity and share best practice across industry and financial regulators to advance our sector’s responses to the financial risks from climate change.

It brings together senior representatives from across the financial sector, including banks, insurers, and asset managers. The forum also includes observers from trade bodies to represent a broader range of firms and ensure the outputs of the CFRF are communicated to their members.

The forum is chaired by Sarah Breeden (Executive Director of UK Deposit Takers, PRA) and Christopher Woolard (Executive Director of Strategy and Competition, FCA). It meets 3 times a year and reports to Sam Woods (CEO of the PRA and Deputy Governor at the Bank of England) and Andrew Bailey (chief executive of the FCA).

Current membership

Banks  Insurers  Asset managers  Other 
BNP Paribas  Aviva Blackrock  Green Finance Institute 
HSBC  Legal & General  Hermes  London Stock Exchange Group 
JP Morgan  Lloyd's of London  Invesco   
RBS  RSA Insurance Group  Schroders   
Yorkshire Building Society  Zurich  Standard Life Aberdeen   
This page was last updated 18 December 2019
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