‘PRA robot’ highlights rise in regulatory complexity
BoE’s Sam Woods says linguistic analysis reveals some problems with the wording of regulation
A ‘robot’ designed by staff at the UK’s Prudential Regulation Authority has shed light on rising complexity in the post-crisis rulebook, which could prompt a rethink by regulators.
On October 24, PRA chief Sam Woods acknowledged that the work did appear to have highlighted some problems. Complexity is a particular issue for small firms, and could be hampering competition in the UK financial sector, he said.
“We do want to look harder at the competition aspect,” Woods told a gathering of
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