Prudential Financial Sifi appeal ‘futile’

legal

US insurer Prudential Financial's attempt to challenge its status as a non-bank systemically important financial institution (Sifi) will ultimately prove ineffectual, claim lawyers.

On Tuesday July 2, Prudential Financial announced it had submitted a request to the US Treasury's Financial Stability Oversight Council (FSOC) for a private hearing to appeal the proposed designation.

It is the first US firm to contest a Sifi designation by the FSOC.

But legal experts say the challenge is likely to b