June 25, 2020 / 9:54 AM / a month ago

Bank of England says may toughen rules for non-banks

LONDON, June 25 (Reuters) - Volatility in markets during the COVID-19 shock pointed to underlying issues in the non-bank financial sector, Bank of England Governor Andrew Bailey said on Thursday.

The BoE’s Financial Policy Committee will publish preliminary findings from its assessment of risks from non-banks in early August, Bailey told Britain’s finance minister Rishi Sunak in a letter made available to the media.

Non-banks can include investment funds and money market funds.

“Where appropriate, the assessment will identify gaps in resilience in the non-bank financial sector and the potential measures that may be taken to increase resilience,” the letter said.

Reporting by Huw Jones and David Milliken, Editing by Catherine Evans

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