Contingency plans
Prepare for Brexit market shock, UK regulator tells City
UK banks, insurers aren’t fully ready for operational changes Brexit will bring, even largest ones are still "mid-stream," says Sam Woods, BOE's top supervisor
The Bank of England (BOE) is war-gaming with lenders and insurers for potential market turmoil on Brexit day.
Sam Woods, the central bank’s top supervisor, said contingency planning for Britain’s withdrawal from the European Union will be similar to its preparations for the Scottish independence referendum in 2014 and the UK’s Brexit vote two years later, which sent the pound plunging against the dollar. "Because of the times we live in, that’s become standard business for us," he said.
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