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BCFSA has today announced the release of a new discussion paper about natural catastrophes and climate-related risks, titled Natural Catastrophes and Climate-Related Risks: Managing Uncertainty and Building Resilience in the Financial Services Sector. With the release of the discussion paper, BCFSA has launched a consultation that will be open until November 30, 2023.
This discussion paper outlines BCFSA’s proposed approach towards natural catastrophes and climate-related risks as they pertain to B.C.’s financial services sector. BCFSA invites regulated entities and individuals in the financial services sector, and members of the public, to read the paper and provide their feedback through an online consultation feedback form.
The paper outlines how natural catastrophes and climate-related risks pose a material risk to the financial services sector and to consumers in B.C. and how those risks may impact each of the segments BCFSA regulates. It discusses the complexity and uncertainty in identifying and measuring these risks, and the role of financial services providers in ensuring consumers have the information and advice required to make informed decisions. The paper focuses specifically on the real estate market, given its outsized impact on B.C.’s economy and its importance across all segments BCFSA regulates, as well as to consumers.
“BCFSA is in the business of managing risk and it is our assessment that natural catastrophes and climate-related risks pose a material risk to the financial services sector and its consumers,” Blair Morrison, Chief Executive Officer, BCFSA, said today. “This discussion paper outlines our view on the role of BCFSA in addressing these risks and starts a conversation about future regulatory actions.”
More in-depth engagement with BCFSA’s stakeholders will commence in the Fall of 2023. For more information see: