US and UK regulators have no ‘informal agreement’ on fines, says FCA chief
UK and US financial conduct regulators have no informal agreed policy in dividing up fines imposed on financial institutions for wrongdoing carried out across geographic borders, according to the head of the UK's Financial Conduct Authority (FCA), Martin Wheatley.
The FCA chief made the comments to the House of Commons Treasury Committee this morning in London as his organisation came under scrutiny regarding the relatively low levels of fines imposed by UK regulators compared with their US
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