Regulatory bodies 'need greater cooperation'

Greater cooperation between regulatory bodies is required in order to ensure the integrity of the financial services markets in the UK and the US.

This was the conclusion reached at a meeting between representatives of the Financial Services Authority (FSA) and the US Securities and Exchange Commission (SEC) as part of the SEC-FSA Strategic Dialogue.

Established four years ago, it is in place to encourage discussions between the two regulatory bodies on issues affecting markets in the two countries.

The meeting was attended by Lord Turner, chairman of the FSA, chief executive Hector Sants and chairman of the SEC Mary Schapiro and focused on issues such as regulation of hedge funds, market supervision and the protection of customer assets, all of which could affect the private banking sector.

Mr Sants said that cooperation between regulators ’is central to tackling the reform agenda’.

And Ms Schapiro stressed the importance of the dialogue, noting that it ’has proven its utility again in allowing the SEC and FSA to share expertise and experience’.

Yesterday, the FSA revealed it is introducing new rules that will require some firms in the financial sector to disclose how they deal with complaints.ADNFCR-2318-ID-19592150-ADNFCR