October 15, 2018 / 9:09 AM / 10 months ago

Banks, insurers must have "credible plans" for climate change-BoE

LONDON, Oct 15 (Reuters) - Britain’s banks and insurers should measure and report on financial risks to their business from climate change in order to determine if they should hold more capital, the Bank of England said in a proposal published on Monday.

The BoE’s Prudential Regulation Authority said it “expects firms to understand the financial risks from climate change and how they will affect their business model.”

The BoE said it expected to issue further guidance on best practice 12 to 18 months after the proposals published on Monday are finalised. (Reporting by Huw Jones Editing by William Schomberg)

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