As Britain prepares to end compliance with European Union (EU) laws, it will continue to maintain financial standards above those required by international rules, Sam Woods, Bank of England’s (BoE) deputy governor, has said, according to a Reuters report.
Britain left the European Union in January and transition arrangements are due to end on December 31. The BoE has resisted setting a formal agreement to keep Britain’s financial services sector globally competitive when setting rules in future.
British regulators have also been accused by financial firms of coming up with tougher versions of international rules, however, Woods said the shape of regulation in Britain will change to become more “agile and dynamic” but BoE will not regulate for its own sake, according to Reuters.
“We should only do just enough to get us onto the right path,” Woods told the news outlet. Meanwhile, only two out of the U.K.’s 36 main banks have plans to reduce their carbon footprint in a timely fashion, according to a Finextra report. The Ethical Consumer magazine investigated the climate strategy of U.K. lenders and only gave green-focused Triodos Bank and the Ecology Building Society, a ‘best’ rating for reporting carbon emissions and including those from loans and investments. All other U.K. banks reviewed either had no plan in place or unrealistic expectations in regards to process or timelines, according to the report.