UK Financial Regulator Targets Simpler Rules to Boost Growth

The UK financial regulator should make its rules simpler under a new mandate to boost the country’s competitiveness, a senior official has said.

“There is scope to make rules less complex and thus less costly to comply with,” Vicky Saporta, the Bank of England’s executive director of prudential policy, said in a speech Tuesday.

The government gave regulators a secondary objective to promote the international competitiveness of the financial services industry this summer, in an effort to boost the economy after Brexit. The Prudential Regulation Authority, part of the BOE, remains independent and still has a primary objective to ...