Independent watchdogs are key to UK's global standing, says BoE

·1-min read
FILE PHOTO: A man wearing a protective face mask walks past the Bank of England (BoE),

LONDON (Reuters) - Keeping Britain's regulators independent is key to London's standing as a competitive global financial centre, Bank of England Governor Andrew Bailey said ahead of pending financial market legislation.

"The independence of the regulators is important because much of our international standing depends on this," Bailey told parliament's Treasury Select Committee.

Britain's government is due this month to set out financial market reforms following the country's departure from the European Union.

These could include provisions that allow the finance ministry to overrule regulators in certain circumstances, a step some lawmakers worry would undermine regulators' independence.

Bailey said other countries needed to remain confident that Britain was maintaining high standards in regulation for the financial services sector to prosper after Brexit.

(Reporting by Huw Jones, editing by David Milliken)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting