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Phoenix criticised for underplaying climate risk to business

Polar-bears-walking-on-melting-ice-showing-climate-change-700.jpgClosed-book provider Phoenix and two other insurers have had a complaint to the FCA filed against them claiming they have failed to address how climate change could affect their businesses, according to reports.

Phoenix, Lancashire and Admiral all do not mention climate change in their 2017 annual reports, a complaint by non-profit gruop ClientEarth seen by the Financial Times claims, despite the group arguing that it presents a principal risk for each.

This could impact not just claims on insurance policies due to climate events, but also assets held in portfolios like fossil fuels.

ClientEarth claims these disclosures need to take place as part of the FCA’s Disclosure Guidance and Transparency Rules.

ClientEarth insurance industry lawyer Stephanie Morton says: “By omitting financially material climate risks from their annual reports, these companies are not giving the full picture. Without this information, how can investors make a fully-formed investment decision?”

Phoenix tells the paper it was currently reviewing the letter from ClientEarth.

Admiral says it does make reference to severe weather events in its report, while, Lancashire told the Financial Times it considers itself as compliant with the requisite transparency rules.


Offshore amnesty could bring in 5bn

The Government’s amnesty for UK taxpayers with undisclosed offshore bank accounts could net the Treasury up to 5bn.


Aviva and tech provider take joint responsibility for platform errors

Aviva is telling platform users that third party technology provider FNZ is jointly responsible for fixing errors experienced because of its replatforming project in January. Aviva moved assets on its platform from Bravura technology to FNZ six months ago but the project has been beset with issues, including advisers and clients not receiving payments, trades […]

Wells Street Journal: Pensions Regulator lobs a rotten Nest egg

Much has been made of the Government’s taxpayer funded campaign encouraging voters to back remaining in the EU. The Leave side predictably went ballastic when details emerged of the 14-page booklet sent to every household in the UK at a cost of £9m. Leading Brexiteers Boris Johnson and Nigel Farage also presumably received the handy […]

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Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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