Tuesday, 1 August 2017

Bank of England urged to share details of how prepared banks and insurance firms are for Brexit.



The Bank of England has been urged to share details of how prepared banks and insurance firms are for Brexit.

 
Newly-appointed Treasury select committee chairwoman Nicky Morgan demanded the information, in one of her first moves since taking on the role.


In a letter to the bank's Prudential Regulatory Authority, she asked for the key risks of a "no deal" scenario.


Sam Woods, the head of the body, which regulates banks and insurers, has been asked to reply by 2 August.


"The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector," Ms Morgan said, commenting on the letter.
In April, the PRA asked all the firms it regulated for a summary of their contingency plans for the UK's exit from the EU.


The firms had until 14 July to respond.




BBC    News.