Andrew Bailey, named on Friday as the next governor of the Bank of England, has signaled a readiness to diverge from EU regulations after Brexit.
Bailey will be one of the most influential policymakers in the country when he takes office next March 16 for a period of eight years — exceeding the mandate of elected politicians. He replaces Mark Carney, who governed since 2013 and won praise for putting climate change on the agenda for finance.
Bailey has said he would start a “thorough debate” around how closely the U.K. should stick to current EU rules. At the same time, he has stated his own preference would be to tear up the detailed regulations of the EU and instate a set of “enforceable principles” that would guide both the regulators and the industry.
Bailey has been critical of EU rules on authentication of mobile payments and around investment funds, which he said provided a loophole for the failed Woodford Equity Income Fund to invest in obscure assets.
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