Financial Regulation

U.S. Regulatory Push Seen as Grab For U.K.'s Banking Business

British politicians see American lawmakers trying to drive financial trade from London to New York

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The Labour MP John Mann, an outspoken member of the Treasury select committee, has called for a government inquiry into money laundering, and outlined fears that US regulators have British banks in their sights as they try to shift business from London to New York.

The allegations against Standard Chartered, made on Monday by the little-known New York state department of financial services, also prompted calls by the investment advisory agency Pirc for discussions with top bankers about the industry's ethics.