‘The revolution is over’, Says UK Financial Watchdog
By Czarina Ara Lasco
Oct 28, 2016 06:00 AM EDT
Oct 28, 2016 06:00 AM EDT
In his very first public speech as the head of the financial services regulatory body, Sam Woods of the Bank of England's Prudential Regulation Authority (PRA) claimed on Wednesday night that the U.K government is not planning to hit the bank companies with more rules going forward.
Woods said that ever since the catastrophic financial crisis in 2008, the watchdogs have already done enough to transform the financial industry and uphold the financial stability all for the good of the British people.
"Now, it is time to move forward. The revolution is over," Woods told an audience with financial grandees, politicians, and businesspeople attendees in London's notable Mansion House.
"While I cannot speak for other countries, my assessment is that here in the U.K. we have reached the end of the revolutionary period in which major reforms to prudential standards were required in response to the 2008 financial crisis," he added.
From the financial industry that was roughly hit during the June 23 referendum, is was an unanticipated discourse from the commonly tough U.K. regulators.
This one is unexpected considering this time when several authorities in Theresa May's governance, headed by Philip Hammond, Chancellor of the Exchequer, tries to encourage the banks and other financial companies that they still have many reasons not to leave the country.
A senior Treasury source established that the government has assured that it will not do anything that has given the financial industry a tough hit ahead of Britain's withdrawal from the EU this 2019.
Woods, in his speech, only tapped at the Brexit issue which made many banks to consider moving from UK to another EU country in order to preserve their access to the single market. However, he stressed that even though some people believe that "regulators are hell-bent on pursuing the stability of the graveyard by crushing all life out of the financial system," that is not part of the PRA's job.
In his speech, Woods only flicked at the Brexit issue, which has forced many banks to consider moving to another EU country to maintain access to the single market. But he pointed out that although some people believe "regulators are hell-bent on pursuing the stability of the graveyard by crushing all life out of the financial system," that's not the PRA's job.
He likewise claimed that the idea that watchdogs "take a wicked glee in constantly rewriting the rules" is wrong.
Woods said, "For the avoidance of doubt: what was intended will be implemented."
Sam Woods assumed the role of Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority (PRA) on 1 July 2016. As Deputy Governor for Prudential Regulation and CEO of the PRA, Sam Woods is also a member of the Bank's Court of Directors, the PRA Board, the Financial Policy Committee, and the Board of the Financial Conduct Authority.
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