BoE issues deadline for firms’ climate risk plans

PRA says firms’ climate risk disclosures and scenario planning need major improvements

Sam Woods
Sam Woods
Bank of England

The Bank of England’s Prudential Regulatory Authority has told UK banks and insurers they must implement plans to manage climate-related risks by the end of 2021.   

PRA head Sam Woods wrote to UK firms saying they must have “fully embedded” their approaches to climate risk by the end of next year.

In April 2019, the PRA asked firms to establish a plan by October that year to mitigate climate-related risks. But it did not set a deadline for implementation.

“There are some areas of our

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