Banks not fully adapted to new prudential environment – BoE deputy

Firms need a “proper chance” to adapt to the “new world”, says Woods during his inaugural PRA speech

Sam Woods, BoE deputy governor and new PRA chief executive

Many UK banks have not yet adapted to the new prudential constraints of the post-crisis environment, a deputy governor from the Bank of England (BoE) has warned.

Speaking for the first time as head of the Prudential Regulation Authority (PRA), Sam Woods said this would be "a first-order issue" for both the PRA and the BoE financial policy committee moving forward.

Woods, who took over from Andrew Bailey earlier this year, gave his inaugural speech at Mansion House in London on October 26. He

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