Insurance regulator says post-Brexit softening of rules will put billions of pounds of pension saving at risk
A deputy governor at the Bank of England has sounded the alarm on City deregulation, saying a proposed softening of the rules for finance companies would put billions of pounds of pension fund savings at risk.
Speaking out against a draft law championed by Rishi Sunak while he was chancellor, BoE deputy governor Sam Woods said the changes, which could allow insurers to reduce their cash reserves which are supposed to act as a buffer against sudden downturns, were “unbalanced”.