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Bank of England plans to strip back regulations for small lenders
The Bank of England (BoE) is planning to introduce a more ‘streamlined’ regulatory approach for small lenders, Sam Woods, chief executive of the Prudential Regulation Authority, indicated in a speech last night.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
The speech took place at Mansion House yesterday evening which discussed plans to simplify the regime for small banks and building societies. This is called ‘strong and simple’.
Woods explained that the ‘streamlined’ approach would take the existing framework as a starting point and modify elements that are too complex for smaller firms.
The new regime would also be ‘focussed’, which is based on a “narrower but more conservatively calibrated set of prudential requirements.”
Woods said that early responses to a discussion paper on regulatory reform seemed to suggest relatively stronger support for a streamlined approach. He said: “We’ll keep going through the responses in detail and then bring forward proposals for consultation in due course.”
The latest regulatory changes are high on the agenda for this years’ Lending Summit, taking place on November 10. To find out more about the event, click here.
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