Sam Woods, chief executive of the Bank of England’s Prudential Regulation Authority, says Britain could change its style of regulating after Brexit – but warned against weakening rules for banks and insurers. Speaking at a conference in Switzerland, he said that in regard to the “stringency of financial regulation”, the Bank has “a clear view of what would make sense for the UK in a post-Brexit environment: we should keep it calibrated roughly where it is now and have no desire whatsoever to weaken it”. He also suggested that it would be “undesirable” for Britain to be a “rule taker”, following a model that required sticking to EU rules. This is a similar position to that recently taken by Financial Conduct Authority chief executive Andrew Bailey, who has said that rule-taking would be “dangerous”.
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