Third meeting of the PRA and FCA's joint Climate Financial Risk Forum

The Climate Financial Risk Forum (CFRF) met for a third time in November 2019.
Published on 18 December 2019

At the meeting, the working group chairs presented the draft practical guidance, recommendations and progress to date. The CFRF members discussed the outputs, noting the importance of the following in addition to points raised in July:

  • how to strike the right balance around the granularity / prescriptiveness of the recommendations
  • how to consider challenges around data integrity

The meeting also discussed the form of the outputs and the timeline for publishing them, as well as how to get wider industry input on the draft guidance and recommendations in early 2020.

It was agreed that there would be an industry engagement event in January and the CFRF will aim to publish the final version of these outputs in Spring 2020. Beyond publication, the CFRF will continue to develop thinking in these areas.

The CFRF agreed to undertake a second year of work and discussed initial ideas for what future work it may undertake beyond Spring 2020. 

The next CFRF meeting will take place in Q1 2020 and will focus on finalising the outputs for publication and determining the CFRF’s next steps.