16 November 2020: As announced at the Green Horizon Summit on Monday 9 and Tuesday 10 November, HM Treasury and the Government-Regulator TCFD Taskforce have published two climate-related publications:
Separately on Monday 16 November 2020, the PRA published a ‘Response to the general insurance industry – A framework for assessing financial impacts of physical climate change’.
13 November 2020
: On Thursday 12 November Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer for the PRA, delivered a speech at Mansion House
setting out the intention of the PRA implementing a ‘strong and simple’ regime for regulating small UK banks and building societies.
9 November 2020: We published an updated statement on Covid guidance to replace previous guidance for PRA-regulated firms ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’, in light of updates from UK Government.
28 October 2020: The Bank of England (the Bank) and the Prudential Regulation Authority (PRA) are consulting on a package of proposals relating to resolution policy.
The PRA published the following Consultation Papers (CPs):
The Bank published the CP ‘Updates to the Bank of England’s approach to assessing resolvability’. This is related to CP19/20 and CP20/20, and is relevant to firms for which:(i) the Bank, as home resolution authority, has notified that their preferred resolution strategy is bail-in or partial-transfer; or (ii) the Bank has notified as host resolution authority, that they are a ‘material subsidiary’ of an overseas-based banking group for the purposes of setting internal minimum requirement for own funds and eligible liabilities (MREL).
CP18/20 closes on Monday 30 November 2020. CP19/20, CP20/20, and the Bank CP close on Sunday 31 January 2021.