BoE’s Woods warns over weaker bank rules

May 17, 2019

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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