LONDON (Reuters) - Bank of England Deputy Governor Sam Woods has said Britain should avoid participating in a "race to the bottom" on financial regulation, amid speculation the United States could see key market safety measures scrapped in a second Trump presidency.
In a parliamentary session to discuss the Prudential Regulation Authority and Financial Conduct Authority secondary competitiveness and growth objectives, Woods said the new goals had come at an "opportune moment", with Brexit affording domestic regulators greater control over rule-making.
The chance to improve regulation forged in the years since the global financial crisis would not however translate to a reduction in standards, he said, adding that resilience and competitiveness could "go hand in hand".
"Financial crises in particular are extremely expensive and very bad for growth," he said.
U.S. Federal Reserve Vice Chair of Supervision Michael Barr on Monday announced he would resign early from his regulatory oversight role, raising questions about how Donald Trump will try to shape the U.S. central bank during his second term as president.
(Reporting By Sinead Cruise, editing by Lawrence White)