Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 6 December 2024 to Question 17571 on Fossil Fuels: Insurance, whether the Prudential Regulation Authority is responsible for enforcing the (a) development and (b) implementation of transition plans for (i) UK regulated financial institutions and (ii) FTSE 100 companies.

The Prudential Regulation Authority (PRA) is responsible for overseeing the prudential regulation and supervision of financial institutions in the UK, ensuring their safety, soundness, and compliance with regulatory standards.

Responsibility for regulatory requirements relating to transition plans sits with the Financial Conduct Authority (FCA), who have set out their plans to consult on strengthened transition plan disclosure expectations for listed companies.

The PRA and the FCA are both operationally independent regulators, who have the power to take action against financial services firms that do not comply with their rules.