‘Material risk’ to regulatory arm’s objective of promoting financial stability as it deals with UK’s withdrawal from EU
The Bank of England has warned that the task of regulating the City after Brexit will put a strain on its ability to police the financial sector.
Deputy governor Sam Woods also said the Bank’s regulatory arm, the Prudential Regulation Authority, faced “a material risk to its objectives” – which include promoting financial stability – as it deals with the UK’s exit from the EU.