continued to update it, the code continues to drive our work to protect consumers on a daily basis. in our annual consumer protection outlook reports, we seek to identify emerging risks and use the code and the wider framework to ensure firms are working to mitigate those risks – for example, on account migration. third, and looking to the longer - term, financial services are rapidly evolving - in particular in the way products are now accessed through digital means. so the code must evolve to continue protecting consumers into the future. as an open and engaged organisation, we consult widely and deeply when proposing changes to our rules and regulations. many of you will be familiar with our formal consultation papers. in the case of the code review, we decided to introduce an earlier phase – a discussion paper – in order to evaluate fully the complex consumer issues that are emerging from significant societal and technological change. changes to the code must be informed by the experiences and insights of both those whom it seeks to protect and those it regulates. this is why we published our'consumer protection code review discussion paper'at the beginning of october. the discussion paper provides the basis for extensive engagement by outlining ten important consumer - related, future - focused discussion themes – with a series of corresponding questions on which we are seeking evidence - based views. this marks the first step in what we hope will be an open, engaging and productive consumer protection dialogue with consumers, with industry and with wider stakeholders. indeed our discussion today represents an important opportunity to hear perspectives on'delivering for consumers in a changing world'and to consider how consumer protection in financial services should evolve to remain effective. engagement strands we will cover the 10 discussion themes through three strands of engagement. 4 / 6 bis - central bankers'speeches the first is consumers'interests. these are best served through effectively functioning financial services markets providing appropriate levels of availability and choice through well - run, consumerfocused firms which act in their customers'best interests. in this context, an important aspect of regulation is finding the right balance between reducing risks to consumers and ensuring regulatory requirements do not restrict their freedom to choose the most appropriate provider or product for them or impose unnecessary costs. we seek views on this balance, and related questions. the second strand is change and innovation. innovation brings real benefits and risks for consumers. in our daily lives, many of us experience the ease of access to financial services through digitalisation. however, as i have noted, for some digitalisation can limit their access to basic

understanding of climate risk, seeking to address those risks through upskilling, identifying useable tools and frameworks, raising awareness, and taking leadership applies to all participants in the financial system – including regulators – and we are supportive of many of the recommendations. i am particularly drawn to the new industry narrative recommendation, which proposes to articulate a coherent story on what role the industry is playing in support of wider climate goals. in my view, the establishment of the climate forum and the publication of this report is a substantial first step in building that narrative. but there is no doubt that we are very much in the early days of this journey. and while we can expect the regulations and industry best practices for meeting those regulations to evolve – there is a need to further embed climate risk and sustainable finance within our organisations and that can only happen through building capacity. as i have said before while the path toward a net - zero economy is a difficult one, it is nevertheless one that we must all walk together. my thanks again to the working group for making a substantive contribution in that journey with this report and i look forward to the rest of the event this morning. 2 / 2 bis - central bankers'speeches