The Bank of England (BoE) Deputy Governor Sam Woods recently warned that Britain’s financial sector that regulators may crackdown and enforce their rules to ensure the financial system is safe a decade after the financial crisis. Woods, the head of the BoE’s banking supervisory arm, told the Telegraph that he wants to avoid “a return to the buccaneering ‘heads I win, tails you lose’ culture that we had before the crisis”.
“I think it’s possible that as we come out of the reform phase, and enter a phase where we’re defending the reforms that have been put in place, that you may see more enforcement activity,” he explained. He also warned that bankers expecting less strict regulations after Brexit will be disappointed. He says it doesn’t make sense for a global trading centre to let its domestic banking system to get jumbled up with the risky side of finance.