The Financial Conduct Authority (FCA) has taken aim at US President Donald Trump, warning global regulatory co-operation could be threatened if the US changes rules for failing banks.
According to the Financial Times, Andrew Bailey (pictured), head of the FCA, said confidence would be lost if the US removed its system for the handling of failing banks. The comments were in response to Trump signing an order on Friday allowing to overhaul a fund set up under the Dodd-Frank regulation to help regulators close failing banks, after Republicans criticised the laws for encouraging "risky behaviour". Trump prepares to 'do a very major haircut on Dodd Frank' Bailey told the FT: "We would have to say, do we really think there is a resolution mechanism there that we woul...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
