FSA chairman headed for showdown with US regulators

High on his agenda to discuss with Ferguson will be the need for a better understanding of how UK firms will be expected to report to US supervisory authorities on their regulatory capital requirements. McCarthy revealed the planned trip today at a conference in London hosted by the British Bankers’ Association.

Currently, only about two dozen US banks will be applying the advanced approaches of Basel II. All other banks in the US are expected to remain on Basel I, including foreign

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