Second meeting of the PRA and FCA’s joint Climate Financial Risk Forum

The Climate Financial Risk Forum (CFRF) co-chaired by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), met for the second time in July 2019.
Published on 12 August 2019

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.

July 2019 meeting

The PRA and FCA hosted the second meeting of the CFRF in July 2019. At the meeting, the working group chairs presented the draft plans and progress to date. The CFRF members agreed the plans, noting the importance of considering the following:

  • how outputs draw upon international best practice
  • how to ensure outputs are suitable for firms of different types, sizes and complexity
  • how to ensure coordination between the working groups

The meeting also discussed the form of the outputs and the timeline for publishing them, as well as how to get wider industry input into the process.  It was agreed that the CFRF will aim to publish these outputs in early 2020.

The next CFRF meeting will take place in Q4 2019.

Full background and information for the launch of the CFRF is available in the Press Release for the first meeting of the PRA and FCA’s joint Climate Financial Risk Forum (March 2019).