LONDON, Sept 8 (Reuters) – The Bank of England said on Thursday it would move to a “more British style of regulation” for the country’s huge financial services industry as it seeks to take advantage of Brexit.
The BoE’s Prudential Regulation Authority (PRA), which oversees the stability of banks and other finance firms, published a discussion paper describing its proposals for policy-making now that Britain had left the European Union.
“The move to a more British style of regulation, with technical rules made by regulators rather than set out in law, will enable us to deliver strong prudential standards in a manner that is proportionate, supports competitiveness and is tailored to the UK market,” BoE Deputy Governor Sam Woods said.
Britain’s new Prime Minister Liz Truss has promised to “really unshackle” the City of London by making the most of Brexit for the 164-billion-pound ($188 billion) financial sector.
The BoE said the PRA would continue to be driven by the pursuit of strong standards and would be proactive in its approach to its secondary competitiveness and growth objective.
The central bank said it was asking for comments on its future policy-making approach to be submitted by Dec. 8.
($1 = 0.8704 pounds)
Writing by William Schomberg; editing by David Milliken