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#financialservices

6 posts5 participants0 posts today

More climate myopia.

Across the finance & insurance sector, firms are only accounting for 'repetitional risk' around climate change, with little assessment of how shifts in climate might impact on actual investments & insurance claims.

The very fact that the Prudential Regulation Authority is now requiring(!) reviews by firms on their environmental risks tells you a lot about how the financial services sector has effectively ignored a major future problem!

#climate #FinancialServices
h/t FT

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If fines levied by financial services regulators are a reasonable metric for how tough they are on banks & other financial institutions, then we can safely say even before Rachel Reeves started de-fanging them this year, they had not exactly been holding bankers' feet to the fire.

We can expect, as night follows day, this already weakening regulatory environment to end up in a financial crisis (as it always does, eventually).