Brexit will not lessen British banking standards, BoE says

LONDON (Reuters) - Britain will maintain financial standards above those which it is required to by international rules as it prepares to end compliance with EU laws, Bank of England Deputy Governor Sam Woods said on Wednesday.

Britain left the European Union in January and transition arrangements under which it still complies with the bloc’s rules are due to end on Dec. 31.

The BoE has resisted pressure from some lawmakers to have a formal remit to keep Britain’s financial services sector globally competitive when setting rules in future.

“We will maintain high standards through Brexit, and at least as high as we have now and above those that pertain internationally. We will stick with that,” Woods said during an in-house BoE interview.

British regulators have also been accused by financial firms of “gold-plating” EU and international rules or coming up with tougher versions.

Woods said the shape of regulation in Britain will change to become more “agile and dynamic”, but the BoE will not regulate for its own sake.

“We should only do just enough to get us onto the right path,” Woods said, adding that research would help determine what is enough and what is the right path.

Reporting by Huw Jones; Editing by Alex Richardson and Alexander Smith