Bank of England News

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who …

UK Financial Firms Need ‘Plan B’ for Inevitable Disruptions from Cyber Attack: BOE

Many U.K. financial firms don’t have a Plan B to fall back on if they’re hit by a cyber attack. The Bank of England wants to change that. Financial regulators told firms to come up with a detailed plan for …

EU Needs to Prevent Brexit Threat to Derivative Contracts: BOE’s Carney

Mark Carney warned that time is running out to remove the threat that Brexit poses to trillions of pounds of derivative contracts, stepping up pressure on the European Union to act. Unless the EU follows the U.K. government in putting …

U.K.-EU Brexit ‘Working Group’ Tasked with Fate of Insurance Policies

The European Central Bank and the Bank of England have been drafted in to study the threats that Brexit poses to financial services. Just don’t expect this “technical working group” to save the day. Brexit’s potential to disrupt trillions of …

Bank of England Will Soon Update Insurers, Banks on Latest Brexit Approach

The Bank of England said it would update banks and insurers next week on its approach to Brexit given that Britain and the European Union have now adopted a transition deal. “The Bank of England welcomes the EU Council’s conclusion …

UK Government, Regulators to Examine Potential Risks from Cryptocurrencies

Britain’s government and regulators will look in detail at the potential risks from cryptocurrencies like bitcoin, British junior finance minister John Glen said on Monday. Glen said there had been an “explosion of growth” in crypto assets like bitcoin, which …

Bank of England Will Not ‘Go Soft’ on Enforcing EU Solvency II Capital Rules

The Bank of England will not “go soft” on enforcing European Union capital rules for insurers, but will look at ways to make it easier for new entrants to boost competition in the industry, its deputy governor Sam Woods said …

Update: Messy Brexit Could Lead to ‘Contract Continuity’ Disruption for Insurers, Banks

As far as Brexit headaches go, Barclays Plc’s John McFarlane says that while his bank is on top of job relocations, he’s more concerned about rewriting “hundreds of thousands” of contracts. He’s not alone. Andrew Bailey, head of the U.K. …

Dangers of Messy Brexit Without Insurance Deal Highlighted by Bank of England

British banks may have unanimously passed Bank of England stress tests, but that clean bill of health came with concern about a messy Brexit, courtesy of Governor Mark Carney. The central bank told lenders to add another 6 billion pounds …

UK Financial Services Industry Pays Record Taxes, ‘Underlining Need’ for Brexit Deal

Britain’s financial services industry paid a record 72.1 billion pounds ($96.2 billion) in tax during the past fiscal year, PwC said in a report that piles pressure on the government to secure favorable trading terms for banks after Brexit. Tax …