Bank of England proposes “more British style” of finance regulation
The Bank of England said on Thursday it would move to a “more British style of regulation” for the country’s huge financial services industry as it seeks to take advantage of Brexit.
The BoE’s Prudential Regulation Authority published a discussion paper describing its proposals for policy-making now that Britain has left the European Union.
“The move to a more British style of regulation, with technical rules made by regulators rather than set out in law, will enable us to deliver strong prudential standards in a manner that is proportionate, supports competitiveness and is tailored to the UK market,” BoE Deputy Governor Sam Woods said.
Source: Reuters (Writing by William Schomberg; editing by David Milliken)