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 […]

Urgent EU Action Needed to Address Threat of Hard Brexit, Warns Bank of England

Article 0 Comments The Bank of England ratcheted up the pressure on the European Union to help stave off the threat a no-deal Brexit poses to trillions of pounds of derivative contracts and millions of insurance policies. The EU has made “only limited progress” in mitigating the financial-stability risks of […]

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 […]

UK’s Tesco Bank Slapped with $21.4M Fine for ‘Foreseeable’ Cyber Attack in 2016

Article 0 Comments Britain’s markets watchdog has fined Tesco 16.4 million pounds ($21.4 million) for failing to protect account holders at its bank from a “foreseeable” cyber attack two years ago. The Financial Conduct Authority said that in November 2016 cyber attackers exploited deficiencies in Tesco Bank’s design of its […]

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 […]

Insurers, Banks Warned to Prepare for Market Turmoil on Brexit Day

Article 0 Comments The Bank of England is war-gaming with lenders and insurers for potential market turmoil on Brexit day. Sam Woods, the central bank’s top supervisor, said contingency planning for Britain’s withdrawal from the European Union will be similar to its preparations for the Scottish independence referendum in 2014 […]

Fewer Than 5,000 UK Financial Services Jobs Expected to Move by ‘Day One’ of Brexit

Article 0 Comments Fewer than 5,000 financial jobs might move out of Britain by “Day One” of Brexit and future relocations will depend on new trading terms with the European Union, Bank of England Deputy Governor Sam Woods said on Wednesday. “We have had an estimate for some time now […]

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 […]

UK Financial Firms Need ‘Plan B’ for Inevitable Disruptions from Cyber Attack: BOE

Article 0 Comments Many U.K. financial firms don’t have a Plan B to fall back on if they’re hit by a cyber attack. The Bank of England wants to change that. Financial regulators told firms to come up with a detailed plan for restoring services such as payments, lending and […]