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Tuesday, May 24, 2022

EU regulators wrong to say UK banks unready for no-deal Brexit: FCA’s Bailey

EU regulators wrong to say UK banks unready for no-deal Brexit: FCA's Bailey© Reuters. FILE PHOTO: Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a “Reuters Newsmaker” interview at the Reuters offices in London

LONDON (Reuters) – European Union regulators are “very wide of the mark” in judging that banks in Britain are unprepared for the risk of Britain leaving the EU without a transition deal, the head of Britain’s Financial Conduct Authority said on Tuesday.

Speaking at a business event hosted by The Times newspaper, FCA chief Andrew Bailey also said it was no surprise company bosses lacked confidence in the British economy, according to reporters from The Times and Sky News present at the event.

Bailey – widely seen as the top contender to succeed Bank of England Governor Mark Carney next year – added that he had been struck by increased levels of debt held by younger people, in contrast to an asset-rich older population.

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Source: Investing.com

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