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.
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 .
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.
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.
Besides Kentucky and Syracuse, Louisville was the only other team to average more than 20,000 fans per home game. As a league the Northern Sun came in second behind the MIAA averaging 1,157 fans per game across the board.
Blues boss Conte is a huge admirer of the 23-year-old England global and hopes to complete a deal before the window closes. The 23-year-old has scored 20 times during that time and helped the club lift three FA Cups.
The share price of ENERGY TRANSFER PARTNERS (NYSE:ETP) was down -1.18% during the last trading session, with a day high of 20.56. The analysts, on average, are forecasting a $21.39 price target, but the stock is already up 21.28% from its recent lows.
In exchange for testimony against Ole Miss and its coaches, Lewis was granted immunity by the NCAA enforcement staff. This lawsuit could still be refiled at the state level, but it's unclear if that will happen.
Comey said that was one reason why he took it upon himself to buck Justice Department tradition and reveal his findings about Mrs. Comey revealed the conversation during his testimony before Congress on June 8.
Breath of the Wild on Switch Offers New Way to Obtain Gear
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".
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).
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".
Frito Lay opening pop-up Cheetos-themed restaurant
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.
Met Office warns of heavy and thundery downpours
In their south west summary, Met Office said: "A cloudy and cool day with heavy showers or longer spells of rain for most areas". Travel disruption is possible with a threat of localised flooding with up to 40mm rain falling in a short space of time.