We are in fact already in the process of reviewing the question of whether the HKMA should play a bigger role in consumer issues, and if so what powers and resources we would need for this purpose. It is too soon to say where this will lead, but I stress again that we have no desire to get involved in the regulation of fees and charges. Deposit insurance Let me now turn to the other major plank of our reform package, which is equally, if not more, controversial. I am referring to the proposal to introduce a deposit insurance scheme (“DIS”) in Hong Kong. In a sense, this can be seen as the other side of the coin to deregulation. Increased competition in a deregulated environment may give rise to increased risk and therefore it seems right that we should look again at the arrangements for dealing with banking failure, should it occur. Let me hasten to add that we have no reason to believe that such a failure will occur. The banking system in Hong Kong remains profitable and robust, despite the challenges that it faces. Our system of banking supervision is also generally reckoned to be effective. But banks can still get into difficulties because of risks that supervision may not be able eliminate. There is always the possibility of external shocks or unfounded rumours that may damage confidence in a bank.
For example, the World Business Council for Sustainable Development (WBCSD) has convened or announced “preparer forums” for various sectors and industries: oil and gas; electric utilities; chemicals; 9  All speeches are available online at www.bankofengland.co.uk/news/speeches  9  Looking ahead, the TCFD is currently considering how to:   Provide additional guidance on how to conduct scenario analysis;    Publish business-relevant scenario templates to lower implementation costs; improve understanding and improve comparability; and    Start a work stream on how to roll out these approaches to portfolio measurement to more asset owners. The Bank of England is doing our part by assessing the strategic resilience of the world’s leading financial centre. The Bank will be the first regulator to stress test its financial system against different climate pathways, including the catastrophic business as usual scenario and the ideal—but still challenging— transition to net zero by 2050 consistent with the UK’s legislated objective.17 In response, banks will need to establish how their borrowers are managing current and future climaterelated risks and opportunities. Those assessments will reveal:   Which firms have strategies for the transition to a net zero economy;    Which are gambling on new technologies or government inaction; and    Which haven’t yet thought through the risks and opportunities. The test will help develop and mainstream cutting-edge risk management techniques, and it will make the heart of the global financial system more responsive to changes in the climate and to government climate policies.