Modern Financial RegulationFROM £90.00
Essential reading for anybody in the financial sector
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Is light touch regulation to blame for the banking crisis? What about the current mis-selling scandals? Is it possible to avoid such predicaments in the future through regulation?
Modern Financial Regulation is a practical guide to the regulation of financial services following the changes introduced by the Financial Services Act 2012. This new legislation has brought about major structural and regulatory changes to financial services, including:
- replacement of the Financial Services Authority with the Financial Conduct Authority and the Prudential Regulation Authority
- introduction of a more robust regime of regulatory, civil injunctive and criminal enforcement
- a new consumer focussed investigative and prosecution authority that will regulate consumer markets
- a focus on ‘principles based’ enforcement which mirrors the approach taken in European consumer law
Modern Financial Regulation is essential reading for anyone who requires an understanding of the legal framework that underpins the financial services sector.
- The only book to provide a comprehensive summary of these fundamental changes
- Easily readable and designed to provide a way into a complex and difficult area
- Covers ancillary areas such as money laundering, payment protection, consumer credit and e-money
- Relevant extracts of legislation reproduced
- Written by two consumer and regulatory law specialists
- A must have for every finance professional at all levels including students
All of the royalties generated by Modern Financial Regulation will be donated to the charitable causes represented by Parkinson's UK and the Free Representation Unit,London.
- Introduction and history of UK financial regulation
- Overview of new regulatory framework
- Prudential regulation authority
- Financial Conduct Authority
- Money Laundering
- Payment Services Regulations
- Electronic Money
- Cartels, competition and insider dealing
- Consumer credit and hire
- Financial Ombudsman Service
"The all too recent scandals and upheavals in the financial services sector -- like LIPBOR and PPI -- and others too numerous to mention here -- have had a profound effect on the economy too complicated to mention here either. Suffice to say, changes had to be made, of which all financial and legal practitioners should be aware. So thank you to Jordan Publishing for bringing out, as one of their most recent titles, `Modern Financial Regulation.'
This timely first edition comprehensively covers and explains the changes in the regulation of financial services brought about by the Financial Services Act 2012. The best known is of course, the replacement of the Financial Services Authority (FSA) by the Financial Conduct Authority and the Prudential Regulation Authority, a development which seems to have resulted in a more robust regime of regulatory, civil injunctive and criminal enforcement.
`The Financial Services Act,' say the authors, `ushers in fundamental structural change, a modern era in financial regulation.' It replaces, one hopes, the former and obviously ineffectual `light touch regulation' with `greater intervention, enforcement and sanction for the banking and financial services sector.
The book is actually a collective work which brings together the insights of a number of expert contributors and authors, with the intention of providing a precise guide to the structural and regulatory changes that have taken place and the institutions that have been recently created.
... If you are involved in any way with the financial services sector -- and most people in the City of London are -- you will definitely need a copy of this important new title. The law is stated as at 26 February 2013."
Read full review
The banking crisis was first signalled by failings at Northern Rock and the later collapse of Lehman Brothers. It culminated in a global depression that has been catastrophic for the UK economy. Greater scrutiny since the crisis has uncovered further scandal. Bankers are accused of manipulating the interbank lending rate (LIBOR). Payment protection insurance (PPI) has been mis-sold for decades. Small businesses have been cheated by the deceptive sale of interest rate swaps and banks are implicated in the money laundering of billions in criminal assets.
The contrast with the decade before the crisis is stark. Strong economic growth had been led by a dominant City of London. Regulatory power had settled with the Financial Services Authority, which held the view in 2007 that ‘the best way forward’ was ‘informal encouragement rather than regulatory action’. Massive banking bailouts heralded a public outcry against perceived ‘light touch’ regulation, which seems to have applied the Italian maxim tutti colpevoli, nessuno colpevole: when everybody is guilty, nobody is guilty.
The Financial Services Act 2012 was enacted in response to these financial disasters. It ushers in fundamental structural change, a modern era in financial regulation. It is likely to result in far greater intervention, enforcement and sanction for the banking and financial services sector.
Any book of this length cannot detail the law applicable to the entire financial services sector.
However, we hope that in this first edition we have provided a precise guide to the main structural changes and the newly created institutions. We have also charted the impact of the new system in the key areas of financial regulation.
We are immensely grateful to our eminent list of contributing editors and authors. All remaining errors are our own. The law is stated as at 26 February 2013.
All of the royalties generated by Modern Financial Regulation will be donated to the charitable causes represented by Parkinson's UK and the Free Representation Unit, London.
Jonathan Kirk QC and James Ross
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