BoE’s Woods says PRA needs more rulemaking powers

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Sam Woods

Sam Woods, chief executive of the Prudential Regulation Authority

The Bank of England’s Sam Woods has called for the Prudential Regulation Authority to be given stronger rulemaking powers now the UK has left the European Union.

Woods – the PRA’s chief executive – told the Association of British Insurers today (March 16): “We favour a shift towards more rulemaking by the regulator, and the enhanced accountability that needs to come with that.”

He acknowledged it might seem unsurprising that a regulator wants more regulatory powers, but he argued the EU’s

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