Hostname: page-component-cd9895bd7-dk4vv Total loading time: 0 Render date: 2024-12-27T12:10:47.175Z Has data issue: false hasContentIssue false
  • English
  • Français

Future Financial Regulation: An Actuary's View

Published online by Cambridge University Press:  10 June 2011

A.S. Fishman ,
J.J. Daldorph ,
A.K. Gupta ,
T.W. Hewitson ,
M.R. Kipling ,
D.R. Linnell  and
S.R. Nuttall
A.S. Fishman
Affiliation:
Sedgwick Noble Lowndes, Sedgwick House, The Sedgwick Centre, London E1 8DX, U.K. Tel: +44(0)171-481-5342
Get access Rights & Permissions [Opens in a new window]

Abstract

This discussion paper was produced by a Working Party in April 1997 to put forward some possible ways of improving the United Kingdom financial regulatory process. It was written to contribute to the expected post General Election debate on this topic. Although the new Government announced plans in May 1997 for a new Securities and Investment Board (SIB) with statutory powers, this has not reduced the value of this discussion paper which raises some wider issues on methods of regulation.

The paper excludes the supervision and regulation of banks, building societies, insurance companies and exchanges and concentrates on areas that directly affect the public on an ongoing basis. It looks at the expectations of the main parties involved in regulation, the theory and practice of regulation, opportunities and concerns, and concludes with a summary of key issues for discussion. The thrust of the paper is that self regulation should be replaced by statutory regulation and that the present ‘prescriptive’ regulatory process should be replaced by one based on ‘outcomes’ supported by guidance.

Keywords

Financial RegulationSupervisionFinancial AdviceSelf-RegulationFinancial Services
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 4 , Issue 2 , 01 June 1998 , pp. 145 - 191
Copyright
Copyright © Institute and Faculty of Actuaries 1998

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Adams, M.B. & Tower, G.D. (1994). Theories of regulation: some reflections on the statutory supervision of insurance companies in Anglo-American countries. The Geneva Papers on Risk and Insurance, 71, 156.CrossRefGoogle Scholar
Booth, P.M. (1997). The political economy of regulation. B.A.J. 3, 675–707.Google Scholar
Darling, A. (1996). Various speeches as Labour City Spokesman:Google Scholar
Darling, A. NAPF Annual Conference, 2 May 1996;Google Scholar
Darling, A. ABI Biennial Conference, 8 May 1996; andGoogle Scholar
Darling, A. City and Financial Conference, 7 November 1996.Google Scholar
European Commission. Financial services: meeting consumers' expectations. A Green Paper on COM(96) 209 final.Google Scholar
Gower, L.C.B.Review of investor protection, report part I. HMSO Comd 9125.Google Scholar
Gower, L.C.B.Review of investor protection, report part II. HMSO Comd 9543.Google Scholar
Hayek, P.A. (1982). Law, legislation and liberty. Routledge Kegan Paul, London.Google Scholar
Hayek, F.A. (1988). The fatal conceit. University of Chicago, Chicago.CrossRefGoogle Scholar
Jebens (1997). LAUTRO, a pioneer regulator, 1986–1994. Jebens.Google Scholar
Kay, J. (1988). ‘The forms of regulation’ in Seldon, A. (ed). Financial regulation — or over regulation? Institute of Economic Affairs.Google ScholarPubMed
Knight, A. (1996). Various speeches as Treasury Minister (Economic Secretary):Google Scholar
Knight, A. Society of Financial Advisers' Conference, 17 July 1996; andGoogle Scholar
Knight, A. City Regulation in the 21 Century, 5 December 1996.Google Scholar
Large, Andrew Sir. (1996). Various speeches as Chairman SIB:Google Scholar
Large, Andrew Sir ‘The challenge of change’ to CSFI/City forum, 3 July 1996; andGoogle Scholar
Large, Andrew Sir evidence to Treasury and Civil Service Committee, July 1996.Google Scholar
SIB (1996). SIB response to Deregulation Task Force Second Report. SIB Press Release, 23 September 1996.Google Scholar
Taylor, M. (1995). Twin peaks: a regulatory structure for the new century. Centre for the Study of Financial Intervention (CSFI).Google Scholar
Taylor, M. (1996). Peak practice. CSFI.Google Scholar
Treasury and Civil Service Committee (1994–1995). Sixth report.Google Scholar
Tripartite Group of Bank, Securities and Insurance Regulator (1995). The supervision of financial conglomerates. A report by the Group to the Basle Committee on Banking Supervision.Google Scholar