KPMG's comments on the Bank of England’s system-wide stress test scenario

Peter Rothwell, Head of Banking at KPMG in the UK, said:  

“As expected, the test scenario targets areas of concern previously highlighted by the Bank of England, such as the large non-bank sector. The scenario reflects lessons learned from events such as last year’s pensions crisis and pandemic-related market stresses, as the Bank tries to develop a deeper understanding of the market interactions that could undermine system-wide stability.

“The move to widen the scope of stress-testing coincides with concerns from regulators and industry leaders that the next global financial crisis may stem, not from actions within the financial sector, but from geopolitical events that shake market stability. Given the increasing interconnectedness of the financial system, greater financial and operational resilience will be required across the sector to ensure that stability is maintained.”

-ENDS-

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About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.  

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.