Bank / Credit Union

BoE won't let Brexit lessen British banking standards

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September 11, 2020

As Britain prepares to end compliance with EU laws, it will continue to maintain financial standards above those required by international rules, Sam Woods, Bank of England's deputy governor, said in a Reuters report.

Britain left the European Union in January and transition arrangements are due to end on Dec. 31. The BoE has resisted setting a formal agreement to keep Britain's financial services sector globally competitive when setting rules in future.

British regulators have also been accused by financial firms of coming up with tougher versions of international rules, however, Woods said the shape of regulation in Britain will change to become more "agile and dynamic" but BoE will not regulate for its own sake, according to Reuters.

"We should only do just enough to get us onto the right path," Woods told the news outlet.