The Bank of England, which will operate the country’s planned Prudential Regulation Authority, will have greater powers to decide how to regulate the banking industry, the Sunday Telegraph reported.
The new authority will help decide how retail and investment activities in banks can be separated, the newspaper said, citing a speech that George Osborne, Chancellor of the Exchequer, will make in London on June 14. He will say that prescriptive regulation on banks is not the best way to improve the sector, according to the article.
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