Financial Regulation

U.K. Chancellor Slams U.S. Regulators

Essentially accuses Tim Geithner of using investigations and red tape as a weapon against U.K. businesses

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George Osborne has intervened in the escalating row over Standard Chartered with three calls to the US Treasury Secretary in which he demanded "fair treatment of British businesses" by US regulators.

The Chancellor told Tim Geitner he would not impede any investigation but that he had been "very concerned about the way" in which New York's Benjamin Lawsky had sprung his explosive order on Monday.

The US Treasury department has responded with a letter conceding that the investigation by its Office of Foreign Assets Control (OFAC) into Standard Chartered would be both co-ordinated and quiet going forward.

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