Policy and Supervisory Statements on climate change financial risks published

The PRA has published PS11/19 and SS3/19 on ‘Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change’.

These statements are intended to steer firms towards taking a strategic approach to consider the impact on present actions on future financial risks.

Relevant firms are expected to have an initial plan in place to address the exceptions set out in SS3/19 and to submit an updated Senior Management Function by Tuesday 15 October 2019.  The PRA also notes that more detailed expectations will be published in due course.