UK Insurers, Banks Need ‘Credible Plans’ for Climate Change Risks: Bank of England

Article 0 Comments Britain’s banks and insurers must come up with credible plans for protecting themselves against risks from climate change and may need to hold more capital, the Bank of England said on Monday. “Financial risks from climate change will be minimized if there is an orderly market transition […]

EU Watchdogs Step Up Plans to Avert Market Meltdown from No-Deal Brexit

Article 0 Comments After months listening to the U.K. warn about the risks posed by a no-deal Brexit, European Union financial regulators are now stepping up plans to avert a market meltdown. Daniele Nouy, the European Central Bank’s head of supervision, set an assuring tone on Thursday when she said […]

BoE’s Carney Cites China’s Financial System as Risk to Global Financial Stability

Article 0 Comments China’s financial system poses one of the bigger risks to global financial stability, Bank of England Governor Mark Carney said in an interview with the BBC to mark the 10th anniversary of the global financial crisis. Carney also cited domestic risks to Britain from Brexit, a further […]

UK Is Facing Messy, No-Deal Brexit, Warns Trade Secretary Fox

Article 0 Comments Prime Minister Theresa May’s ministers are ratcheting up warnings that Brexit talks risk ending in failure, with International Trade Secretary Liam Fox on Sunday predicting a messy split from the European Union. “The intransigence of the commission is pushing us towards no deal,” Fox told the Sunday […]

Odds of No-Deal Brexit Are ‘Uncomfortably High,’ Warns BOE’s Carney

Article 0 Comments Mark Carney threw himself back into the thick of the Brexit debate on Friday, saying the chance of the U.K. dropping out of the European Union without a deal is “uncomfortably high.” The intervention suggests the Bank of England governor is growing increasingly worried that Prime Minister […]

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

Article 0 Comments The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who said the U.K.’s withdrawal from the bloc […]

EU Needs to Prevent Brexit Threat to Derivative Contracts: BOE’s Carney

Article 0 Comments Mark Carney warned that time is running out to remove the threat that Brexit poses to trillions of pounds of derivative contracts, stepping up pressure on the European Union to act. Unless the EU follows the U.K. government in putting in place temporary workarounds, there could be […]

U.K.-EU Brexit ‘Working Group’ Tasked with Fate of Insurance Policies

Article 0 Comments The European Central Bank and the Bank of England have been drafted in to study the threats that Brexit poses to financial services. Just don’t expect this “technical working group” to save the day. Brexit’s potential to disrupt trillions of dollars of derivatives contracts and tens of […]