Brexit might allow simpler regulation for small UK firms – PRA chief
Sam Woods says “simpler, not weaker” regulation might boost both competition and safety
Brexit might allow the adoption of simpler regulations for smaller British financial firms, the head of the UK’s Prudential Regulation Authority said on January 17.
British authorities have traditionally argued for flexible policies to reduce the regulatory burden, Sam Woods said in a speech in London. But differing legal traditions across the European Union and the EU’s goal of harmonising regulation and supervision have been “powerful forces in the opposite direction”, he said.
“It is
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