Tuesday, May 30, 2023
HomeEconomyBank of England proposes 'more British-style' financial regulation

Bank of England proposes 'more British-style' financial regulation

William Schomberg and Iain Withers

LONDON (Reuters) – The Bank of England said on Thursday it would take a “more British approach to regulation” of the country’s vast financial services industry

The Bank of England’s Prudential Regulation Authority (PRA), which oversees the stability of banks and other financial firms, has published a discussion paper describing its current policy-making recommendations

“Moving to a more British approach to regulation, with regulators setting technical rules rather than laws, will allow us to provide strong prudential standards in the EU. This approach is proportionate,” said BoE deputy governor Sam Woods. , supports competitiveness and is tailor-made for the UK market. The City of London has made the most of Brexit by taking full advantage of the Billion) Financial Sector.

New Finance Minister Quasi Kwatten met with global banks including HSBC and Barclays Bank (LON: BARC) Overview Wednesday at Treasury The government’s economic approach.

Kwarteng told executives that he wanted the industry’s “big bang 2.0” to focus on regulatory reform to boost growth and Competitiveness.

CEO of Lloyds (LON: LLOY) and NatWest, and regional head of Wall Street giant Goldman Sachs Sachs (NYSE: GS) and JPMorgan were also in attendance, some virtually. Kwarteng will meet JP Morgan CEO today Officer Jamie Dimon.

Former Finance Minister Rishi Sunak also promises to bring a “big bang 2.0” to the industry – referring to the relaxation of the pair 1980 Driven growth in London.

This has largely failed to materialize, city bosses say, as London has since caught up with global rival financial hub Brexit.

Truss’ new ministerial team has signaled their intention to scrutinize the Bank of England more closely – with more regular meetings and a commitment to review the PRA’s supervisory role with other financial regulators – sparking criticism BoE threat concerns. Its independence.

Coutain fully backed Bank of England independence at Wednesday’s meeting, Treasury said.

Bank of England The PRA will continue to pursue strong standards, it said on Thursday and will be proactive in achieving its secondary competitiveness and growth goals.

The central bank said it was seeking comments on its future approach to policy development, with a deadline to submit it by Dec. 8.

($1=0. pound)




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