FSA Agrees Information Exchange With U.S.

July 15, 2008 by Brendan

News

During CeMAP training, delegates learn about different financial institutions.

In the UK, the Financial Services Authority (FSA) governs much of the financial sector, including mortgages and mortgage advisors. In the US, the equivalent authority is the Federal Deposit Insurance Corporation (FDIC).

The FSA and the FDIC have signed a ‘memorandum of understanding’ (MOU) that agrees arrangements for information sharing and contingency planning in connection with cross-border banking activities between the US and the UK.

The MOU should enhance the working relationship between the two authorities. It states the two authority’s intent to strengthen their co-operation to understand the difficulties and complexities that both US and UK firms experiences in cross-border banking and contingency planning.

Sheila Bair, chairman of the FDIC, said: “With the increasing globalisation of banking and the concomitant expansion of major banks’ cross-border operations, this MOU is important for building on the already strong working relationship that exists between the FSA and the FDIC. The MOU will provide tremendous assistance to both countries in promoting opportunities to learn from each other’s experience and expertise – and could serve as a template for future agreements with other countries. I’m very pleased by our agreement with the FSA to work together on the common goal of promoting confidence and stability in our financial markets.”

If you are interested in CeMAP training in Leeds, Liverpool, Manchester, Birmingham, London or Scotland, or in another city close to you, complete the contact form or telephone us.