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StanChart picks U.S. attorney, UK regulator to run compliance
September 19, 2013 / 2:35 PM / 4 years ago

StanChart picks U.S. attorney, UK regulator to run compliance

LONDON (Reuters) - Britain’s Standard Chartered has appointed two top public servants - a U.S. attorney and a British financial services regulator - to improve compliance at the bank.

A man walking past a foot bridge leading to the Standard Chartered main branch is reflected on a window glass in Hong Kong March 5, 2013. REUTERS/Bobby Yip

David Fein will be the bank’s general counsel and Jean Moorhouse its head of prudential regulatory affairs.

Fein was U.S. Attorney for the District of Connecticut, had been associate White House counsel under President Clinton, and will join the bank this month.

Moorhouse will join in November from Britain’s Prudential Regulatory Authority (PRA), which was created in April after the Financial Services Authority (FSA) was disbanded, where she is lead supervisor for Lloyds Banking Group. While at the FSA she was lead regulator for Standard Chartered.

The bank, which makes most of its money in Asia, was fined $667 million in 2012 by U.S. regulators for violating sanctions against Iran, Sudan and other countries, and agreed deferred prosecution deals with New York and federal prosecutors.

Fein will advise the board and senior management on all material legal issues, including acquisitions, corporate activity and disputes. Moorhouse will manage all aspects of the bank’s relationship with the PRA, its main regulator.

Reporting by Steve Slater; Editing by Louise Ireland

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