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Consultation on Natural Catastrophes and Climate-Related Risks
Open
Launched: 19 July 2023
Closes: 30 November 2023
BCFSA is consulting on its Natural Catastrophes and Climate-Related Risks: Managing Uncertainty and Building Resilience in the Financial Services Sector Discussion Paper (“Discussion Paper”) which outlines BCFSA’s proposed approach towards natural catastrophes and climate-related risks.
BCFSA invites all regulated entities and individuals, stakeholders, and members of the public to review the Discussion Paper and provide their feedback on the discussion questions in Part 5 through our online consultation feedback form.
The consultation is open until November 30, 2023.
Background
BCFSA’s role as a regulator is to conduct ongoing surveillance of the financial services sector to identify material risks and potential consumer protection issues, and to intervene as necessary with regulatory expectations to ensure safety and soundness and protect consumers.
Natural catastrophes and climate-related risks were identified as a regulatory priority by BCFSA in its 2023/2024 Regulatory Roadmap. The Discussion Paper outlines how natural catastrophes and climate-related risks are material and why a comprehensive approach across the financial services sector is needed.
To learn more, see:
How to Participate
Send us your thoughts on the concepts and proposals outlined in the discussion paper by completing our Consultation Feedback Form.