FSA chief executive Hector Sants was forced to defend the regulator's record on Iran after senior US officials urged it to take action against London-based Iranian banks suspected of financing nuclear programmes, cables released by WikiLeaks show.
At a meeting in May 2008 attended by Sants, state department under-secretary Reuben Jeffrey and US treasury assistant Patrick O'Brien, the US encouraged the UK to "step into a leadership role" to deter a "nuclear-armed Iran" by stopping the activities of Iranian banks in London. According to a cable outlining the discussion, O'Brien expressed particular frustration about Bank Sepah, which was the subject of official international sanctions and was one of four Iranian banks in London, reports the Guardian. "With four Iranian banks continuing to operate in London, O'Brien said that Midd...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes