“British-style” Rules For Banks After Brexit, Says BoE

Leaving the European Union has raised hopes of a regulatory “Brexit dividend” that will help banks and insurers in Europe’s biggest financial centre maintain global competitiveness.

“We should approach that in the spirit of, let’s have high standards here in London and here in the UK, but let’s get back to a more British way of doing that regulation — things that can be tough but less bureaucratic,” Woods told a City Week online event.

When Britain comes to applying remaining global bank capital rules known as Basel III, it will be “exactly in that format”, he said, adding that the BoE would propose simpler rules for smaller lenders in a month or so.

“It would have been impossible to agree in the European context as one person’s big bank is another person’s small bank,” Woods said.