“The Brexit vote has cast doubt over US-EU initiatives to harmonise transatlantic regulation, with a senior Democrat and potential vice-presidential candidate warning against a return to a “patchwork” of global rules.

“Moves to co-ordinate rules and supervision have been central to boosting global financial resilience following the 2008-09 crisis. But the prospect of the UK leaving the EU has triggered worries in Washington that Britain and the rest of Europe will now take divergent paths.”

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“For those of us who worry about financial reform, crashes and bail outs, having seen the UK already move away from sensible regulation to lighter touch regulation there is a concern that it will move from light touch to no touch to keep global banks from leaving.”

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To read the full Financial Times article by Barney Jopson and Sam Fleming click here.