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PRA finalizes climate risk expectations

A general view of damage to houses on Hough Hill in Stalybridge following a tornado on December 29, 2023 in Stalybridge, England.
Tornado damage to houses in Stalybridge, England. Photo: Anthony Devlin/Getty Images

Ben Maconick | CMS, Laura Houët | CMS, Sarah Brook | CMS, Ash Saluja | CMS, Tom Callaby | CMS+3

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The PRA has issued a principles-based, proportionate framework of expectations for firms to manage climate-related financial risk.

The Prudential Regulation Authority (PRA) has published PS25/25 and the final supervisory statement SS4/25, replacing SS3/19 in full with immediate effect (December 3, 2025). The supervisory statement is relevant to insurers, banks, building societies, and PRA-designated investment firms. This note summarizes the key outcomes, highlights changesarticle PRA

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