Weakening rules for banks and insurers after Brexit would be 'anathema"...
LONDON - Weakening rules for banks and insurers after Brexit would be “anathema”, but Britain could change its style of regulating to respond faster to change, Bank of England Deputy Governor Sam Woods said on Thursday.
Britain has been forced to postpone Brexit twice and is still struggling to agree on the terms of its departure from the European Union before the next deadline, Oct. 31. The bulk of rules applied in Britain come from the European Union, and some lawmakers say Brexit would allow Britain to revise its rules to keep London competitive as a global financial centre. The Bank of England and the Financial Conduct Authority have poured cold water on that idea.
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