Sunday 10 August 2014 9:06 pm

Cross-border probes see rise in calls to UK’s financial watchdog

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The UK’s major financial watchdog is fielding an increasing number of requests from international regulators for help, as more cross-border investigations take place.

The Financial Conduct Authority (FCA) received 981 requests for assistance from authorities in other countries during 2013, an 11 per cent increase from the figure during 2012.

The number has doubled since before the crisis: in 2006 there were just 464 requests, according to figures from law firm RPC.

“Financial services businesses are increasingly facing sprawling investigations spanning multiple jurisdictions and regulators,” said Richard Burger of RPC.

Last month, French bank BNP Paribas settled a major investigation with US prosecutors, with a payment of $9bn (£5.36bn) over accusations that the firm violated US sanctions against countries like Sudan.