BoE’s Woods warns of ‘point of tension’ in Brexit negotiations
PRA chief fears EU supervisors may adopt a local mindset when dealing with cross-border firms
Discussions over post-Brexit supervisory arrangements between the UK and European Union are likely to suffer from a growing “point of tension” in the coming months, the Bank of England’s Sam Woods said today (January 16).
The Prudential Regulation Authority (PRA) chief told lawmakers the UK view was that retail banking activity “should be local, should be ring-fenced, should be in subsidiaries”, while wholesale finance, which is “naturally cross-border”, should be allowed to operate in a less
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