BoE Plans Simpler Regulation For Small Banks After Brexit

Law360, London (November 13, 2020, 12:58 PM GMT) -- The Bank of England has said it will use Brexit as an opportunity to create a simpler regulatory regime for small banks and building societies as the financial sector prepares for the looming Brexit transition deadline of Dec. 31.

Sam Woods, chief executive of the Prudential Regulation Authority, the central bank's regulatory arm, said that the end of the Brexit transition will be the regulator's chance to implement plans for less complex regulatory regimes for small banks and a "graduated" regulation for larger entities.

Woods said the new regime will be "strong and simple" as he, emphasized that banks with fewer...

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