The biggest event today is in the UK, where a Financial Services Bill is expected to be announced in the King’s Speech. The measure has not yet been published, so its final title and scope remain to be confirmed. However, it is expected to form part of the government’s next phase of post-Brexit financial services reform, with possible implications for authorisations, the Senior Managers and Certification Regime, the Financial Ombudsman Service and the wider regulatory architecture.
The UK’s prudential regulator also used a speech to defend the continuing need for close, judgment-based bank supervision. Sam Woods, deputy governor of the Bank of England and chief executive of the Prudential Regulation Authority, argued that banks’ role in providing deposits, payments and credit justifies more intensive and continuous supervision than many other sectors. The speech is a signal of the PRA’s supervisory philosophy, particularly around governance, risk management, business models and senior manager accountability.
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