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Tuesday, Aug 09, 2022

Independent watchdogs are key to UK's global standing, says BoE

Independent watchdogs are key to UK's global standing, says BoE

Keeping Britain's regulators independent is key to London's standing as a competitive global financial centre, Bank of England Governor Andrew Bailey said ahead of pending financial market legislation.
"The independence of the regulators is important because much of our international standing depends on this," Bailey told parliament's Treasury Select Committee.

Britain's government is due this month to set out financial market reforms following the country's departure from the European Union.

These could include provisions that allow the finance ministry to overrule regulators in certain circumstances, a step some lawmakers worry would undermine regulators' independence.

Bailey said other countries needed to remain confident that Britain was maintaining high standards in regulation for the financial services sector to prosper after Brexit.
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