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Financial regulators’ independence essential for UK’s international standing, BOE's Bailey says

( August 11, 2022, 10:12 GMT | Official Statement) -- MLex Summary: Maintaining the independence of financial regulators is essential if the UK wants to retain its international reputation, Andrew Bailey, Bank of England Governor, told lawmakers in a letter published today. Bailey said he welcomed the government’s draft Financial Services and Markets Bill, which contains measures to increase the accountability of the BOE’s prudential regulator and the UK’s markets watchdog, but said that weakening regulatory independence would undermine the aims of the reforms.Statement follows. Letter attached....

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