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The Bank of England’s top financial supervisor has announced plans to ease the burden of its rules on banks and insurers, saying this can be done without unleashing “a race to the bottom” on financial regulation.
Sam Woods, chief executive of the Bank of England’s Prudential Regulation Authority, told a House of Lords committee on Wednesday that financial resilience and economic competitiveness “go hand in hand” as he outlined new moves to meet government demands for it to support economic growth.
He said the PRA would free up insurers to invest quicker by allowing retrospective authorisation of investments. It would also outline plans this year to cut reporting requirements for banks after reducing them for insurers by a third.
This is a developing story
