Sam Woods discusses Solvency II and the shape of UK regulation post-Brexit

Article summary

The deputy governor for prudential regulation at the Bank of England and CEO of the Prudential Regulation Authority (PRA), Sam Woods, has delivered a speech to the Association of British Insurers (ABI), in which he discussed proposed post-Brexit reforms to the architecture of financial regulation, and the review of Solvency II. Woods argued that, post-Brexit, the UK should make changes to tailor regulation so it fits its market better and is more efficient and coherent. To that end, Woods argued, it is better that detailed rules are placed into the PRA’s rulebook rather than set out in statute.