Bank of England Curbs Banker Hopes of Quick EU Market Access
- PRA chief Sam Woods held call with City leaders on Brexit
- Talks between U.K. and EU over market access could take years
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Britain’s top banking regulator has told London-based executives to lower their expectations for a quick win on “equivalence,” which was once seen as key to securing cross-border business after Brexit.
Sam Woods, who runs the Bank of England’s Prudential Regulation Authority, emphasized to industry leaders last week that initial talks between Britain and the European Union are focused on setting ground rules for their rules diverging, rather than delivering a long-term deal on equivalence, people with knowledge of the call said. Both sides are working on a memorandum of understanding on financial regulation, which is due at the end of March.