Moved by
Baroness Worthington
16: Before Clause 18, insert the following new Clause—
“Reporting
Financial sustainability report
(1) Within twelve months of the coming into force of this Act, the Treasury must prepare and publish a report containing the matters specified in subsections (2) and (3).
(2) The report must contain an assessment of how the following aspects of financial regulation contribute to or hinder the United Kingdom’s long-term sustainable economic growth—
(a) rules governing the admission of securities to recognised growth markets,
(b) rules governing the admission of securities to the Official List, and
(c) the time horizon of the Bank of England’s financial stability monitoring activities.
(3) The report must make recommendations for the development, via the regulation of financial services, of uniform, consistent and clear standards for the disclosure of climate-related financial risk, in order to provide information to lenders, insurers, investors and other financial intermediaries.
(4) In this section—
“long-term sustainable economic growth” means economic growth that is resilient to risks arising from long-term fundamental change, such as climate change, technological change and demographic change;
“recognised growth market” has the meaning under section 99A of the Finance Act 1986;
“Official List” has the meaning under section 74(1) of the Financial Services Markets Act 2000;
“the Bank of England’s financial stability monitoring activities” means activities undertaken by the Bank of England in order to meet the objectives set out in section 2A of the Bank of England Act 1998.”