He explained that restructuring firms to mitigate risks will generally increase complexity, for example with firms that are based in the United Kingdom but want to sell to clients in the EU.
Sam Woods made the comments in a letter to the UK's Treasury Select Committee chair, Nicky Morgan MP, who had asked Woods for an update on the preparedness of the United Kingdom financial sector for Brexit and how firms would cope with a scenario where the United Kingdom leaves the European Union with no withdrawal agreement or trade deal.
The Bank of England has previously highlighted other issues, noting that fragmentation of the European Union financial services market could push up costs and risks for finance firms and their customers.
It also warned of the risk to the United Kingdom economy from potential disruption to trade and the need for banks to be braced for higher bad debt charges if loans turned sour owing to Brexit-related economic turbulence.
The boss of its Prudential Regulatory Authority (PRA), the arm of the Bank responsible for regulating banks and insurers, claims that any added complexity will place a "material extra burden" on its supervisory arm.
"I have also asked Mr Woods for his views on the desirability and design of a transitional arrangement with the EU, to provide more time to negotiate and prepare for a new UK-EU economic relationship".
Woods wrote that financial services are in danger of becoming dislocated and fragmented after Brexit.
PRA boss Sam Woods revealed the Bank's latest assessment after more than 400 financial services firms responded to its request for details on their contingency planning.
The Bank of England has warned it could struggle with the burden of regulating London's financial sector after the United Kingdom leaves the European Union.
This would create more complex corporations with "strongly inter-connected entities between the United Kingdom and EU" that could make the industry more hard to oversee, he claimed.
Mr Woods said that the PRA has received 401 responses from United Kingdom and European companies which operate in the United Kingdom and elsewhere in the EU, with "a handful of very small insurers" yet to reply.
He also warned that the regulator could suffer a significant "material extra burden" by having to regulate more firms when Brexit is undertaken and noted that this and several other concerns posed "a material risk to our objectives, and this work is therefore a top priority". It has warned it may need to ask for more if the biggest risks around Brexit crystallise.
Luke , Kesha has returned with a new, acclaimed sound and is striking a defiant and liberated tone on the press circuit. Singer Kesha has appeared on Good Morning America to discuss her new album, " Rainbow ", which is released this week.
On Saturday, Victoria Best posted three photos and a video of a man pointing a gun at her during her Friday commute. But when she came to scrutinise the video, she uncovered the sinister image of the driver drawing his gun.
Demand grew by 30% in China, helped by the success of the market-specific Jaguar XFL , which boosted XF sales by 22%. In July, JLR sold 46,074 vehicles, an increase of 3.6 per cent compared to the same month past year .
It's not long now until our Premier League season kicks off again with Liverpool's trip to Vicarage Road. Liverpool's first big test of the season is nearly exactly the same as their first big test last season.
Over the last five days, shares have faced -2.5% losses and now is down -1.01% since hitting its 200-day moving average of $63.77. Following the completion of the sale, the director now directly owns 346 shares of the company's stock, valued at $642,753.82.
Last year, President Obama traveled to Cuba, looking to warm the long-frozen relations with the Communist-run island. Washington and Havana only re-established ties in 2015, following 50 years of hostilities between the two countries.
According to the latest patch notes , starting August 9th we'll see the addition of "Tips of the Wild" on the News page. Breath of the Wild's Wii U version has also been updated , and the patch includes "various fixes to improve gameplay".
Broadway in Manhattan, will be open to the public by reservation only August 15-17 (visit the website to join the waitlist). To cap off the meal, Cheetos Sweetos-cinnamon-flavored sugar puffs-are used to make cheesecake , cookies and apple crepes.
EnLink Midstream Partners, LP (ENLK) Downgraded by BidaskClub
TheStreet lowered shares of EQT Midstream Partners, from a b rating to a c+ rating in a research report on Thursday, June 15th. Northwestern Mutual Wealth Mngmt Co stated it has 0% in Booz Allen Hamilton Holding Corporation (NYSE:BAH). (NASDAQ:ADI).
Ek Prem Katha pushes to stop open defecation
After all the heavy-duty talk, we asked Akshay about appearing ageless enough to complement young actresses . It is a completely wrong notion that people in the villages defecate more in the open as compared to cities.
Ex-FBI agent and daughter guilty of killing her husband
A former Federal Bureau of Investigation agent and his daughter were found guilty of killing the daughter's husband on Wednesday. After this, she turned to her mother in the courthouse and said: "I'm really sorry mom, I wish they'd just kill me".