Bank of England to probe strength of foreign regulators

Bank of England large
By Will Caiger-Smith
26 Feb 2014

The Bank of England’s Prudential Regulatory Authority has set out how it wants international banks to operate in the UK, and what it expects from foreign regulators. The new rules, set out in a consultation published Wednesday morning, will mean international branches from some countries could lose their UK licence, if the PRA deems their home supervisors inadequate.

The UK has one of the largest international banking sectors in the world, with 31% of the assets of the UK banking system (£2.4trn) held in 145 international branches.

If the consultation gets approved, the PRA will have wide discretion in deciding which other regulators do not make ...

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