June 26, 2018 / 8:04 AM / 5 months ago

EU regulators wrong to say UK banks unready for no-deal Brexit - FCA's Bailey

Andrew Bailey, chief executive of the Financial Conduct Authority, speaks at his office in London, Britain, September 25, 2017. REUTERS/Afolabi Sotunde

LONDON (Reuters) - European Union regulators are “very wide of the mark” in judging that banks in Britain are unprepared for the risk of Britain leaving the EU without a transition deal, the head of Britain’s Financial Conduct Authority said on Tuesday.

Speaking at a business event hosted by The Times newspaper, FCA chief Andrew Bailey also said it was no surprise company bosses lacked confidence in the British economy, according to reporters from The Times and Sky News present at the event.

Bailey - widely seen as the top contender to succeed Bank of England Governor Mark Carney next year - added that he had been struck by increased levels of debt held by younger people, in contrast to an asset-rich older population.

Reporting by David Milliken, editing by Andy Bruce

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