BoE’s Woods sees value in ditching EU-style rulemaking
Detailed legislation behind banking regulations may be unnecessarily restrictive, says PRA chief
The Bank of England’s Sam Woods has argued Brexit could give the UK a valuable opportunity to diverge from the European Union’s legislation-heavy style of setting regulations.
The BoE has no desire to change the “stringency” of financial regulations after Brexit, said Woods, who leads the Prudential Regulation Authority (PRA). But there was room, he suggested, to change the “style” of regulation.
When setting financial regulations, the EU has tended to favour very detailed legislation, with
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