Sam Woods News

Insurers, Banks Warned to Prepare for Market Turmoil on Brexit Day

The Bank of England is war-gaming with lenders and insurers for potential market turmoil on Brexit day. Sam Woods, the central bank’s top supervisor, said contingency planning for Britain’s withdrawal from the European Union will be similar to its preparations …

Fewer Than 5,000 UK Financial Services Jobs Expected to Move by ‘Day One’ of Brexit

Fewer than 5,000 financial jobs might move out of Britain by “Day One” of Brexit and future relocations will depend on new trading terms with the European Union, Bank of England Deputy Governor Sam Woods said on Wednesday. “We have …

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 …

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 …

UK Insurers Face Looming Brexit Deadline to Move Contracts with EU Clients

Insurers in Britain face crunchtime within weeks if the government and the European Union do not allow millions of cross-border policies to continue to run undisturbed beyond Brexit. While Britain is not due to leave the bloc until March 2019, …

Post-Brexit Implementation Period ‘Desirable’ for UK, EU Firms: Bank of England

The Bank of England said a transition period after the Britain leaves the European Union would give banks more time to make orderly changes as Brexit poses risks to financial stability. With the UK due to leave the bloc in …

Woods Named UK’s Head of Prudential Regulation, Overseeing Insurers & Banks

Sam Woods, a former U.K. Treasury official, was appointed as deputy governor for regulation at the Bank of England, replacing Andrew Bailey. Woods — who will continue as the central bank’s executive director of insurance until the end of June …

Bank of England to Rule on Risk Models as Insurers Prepare for Solvency II

The Bank of England will issue its verdict in December on the models insurance companies use to quantify risk and determine capital requirements as the industry prepares for the new European Union rules known as Solvency II. “I consider it …