The reforms: a political safe haven or political suicide – is the Labour bubble bursting?

Emerald - 2011
ClareChambers1
1Commercial Law Research Unit, Bristol Law School, University of the West of England, Bristol, UK

Tóm tắt

PurposeThe purpose of this paper is to examine the political influence on the reforms proffered for the banking sector.Design/methodology/approachThe paper is divided into three main parts. First, the paper will examine the background of the financial crisis. The second and main part of the paper is the examination and critique of the White Paper reform proposals. The paper concludes by critically examining the opposition party's reform paper and contrasts the proposals.FindingsThe paper concludes that although the bank regulation needs to be reformed, it is debateable whether it is the time or the place or indeed the party that is right to achieve a successful result at the present time.Research limitations/implicationsThe implications for the research is that during the next year banking reforms will undergo further changes, therefore, there will be a requirement to revisit and revise the findings in light of the political agenda of the new government.Originality/valueThis paper offers an original insight into the political influences on banking regulation within the UK.

Từ khóa


Tài liệu tham khảo

BBC News (2009a), “Key issues financial regulation”, 8 July, available at: http://news.bbc.co.uk/1/hi/business/8138705.stm (accessed 15 July 2009).

BBC News (2009b), “UK set to reform bank regulation”, 8 July.

Chambers, C.L. (2009a), “Another day, another culprit – corporate governance – is it to blame for the banking crisis”, Business Law Review, December, pp. 264‐9.

Chambers, C.L. (2009b), “The Banking Act 2009: a historic piece of legislation or a relic of our time. Only history can tell”, paper presented at LSPI Conference, Sliema, Malta.

Darling, A. (2009), “Public Service.co.uk”, 9 July, available at: www.publicservice.co.uk/feature_story.asp?id=12296 (accessed 30 October 2009).

Guardian (2009), “Revamped rules propose health warnings on mortgages and pensions”, 8 July, available at: www.guardian.co.uk/business/2009/jul/07/banking‐regulation‐mortgages‐pensions (accessed 15 July 2009).

HM Treasury (2009a), “Banking crisis: reforming corporate governance and pay in the city”, March, available at: www.iasplus.com/uk/0905treasurycommittee.pdf (accessed 5 June 2009).

HM Treasury (2009b), “Run on the rock”, January, available at: www.publications.parliament.uk/pa/cm200708/cmselect/cmtreasy/56/56i.pdf (accessed 1 February 2008).

HM treasury (2009c), “Walker review of corporate governance in the UK banking system”, April, available at: www.hm‐treasury.gov.uk/walker_review_information.htm (accessed 5 June 2009).

Norman, J. (2008), “Compassionate economics”, available at: www.jessenorman.com/downloads/Compassionate_Economics.pdf (accessed 1 September 2009).

Osbourne, G. (2009), “Financial regulation”, White Paper, July 20, available at: www.conservatives.com/News/News_stories/2009/07/Our_plan_for_sound_banking.aspx (accessed 22 July 2009).

Sants, H. (2009), “The challenges facing banking regulation”, May, available at: www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0514_hs.shtml (accessed 5 June 2009).

(The) Telegraph (2009a), “MP's expenses”, available at: www.telegraph.co.uk/news/newstopics/mps‐expenses/ (accessed 12 January 2010).

(The) Telegraph (2009b), “UK financial super regulator will give Mervyn King power to bully FSA”, 8 July, available at: www.telegraph.co.uk/finance/newsbysector/banksandfinance/5780701/UK‐financial‐super‐regulator‐will‐give‐Mervyn‐King‐power‐to‐bully‐FSA.html (accessed 15 July 2009).

(The) Times (2009), “Bank reforms toothless and muddled, say MP's”, 31 July, available at: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6734377.ece (accessed 31 July 2009).

(The) Turner Review (2009), “A regulatory response to the banking crisis”, available at: www.fsa.gov.uk/pages/Library/Corporate/turner/index.shtml (accessed 20 March 2009).

Turner, A. (2009), “The financial crisis and the future of financial regulation”, Chairman of the FSA, The Economist's Inaugural City Lecture, 21 January, available at: www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0121_at.shtml (accessed 5 June 2009).

Bank of England, HM Treasury and FSA (2007), “Banking reform: protecting depositors: a discussion paper”, October, available at: www.bankofengland.co.uk/publications/other/financialstability/banking‐reform071011.pdf (accessed 4 June 2009).

Bank of England, Market Notice (2008), “Recapitalisation of the UK banking system”, available at: www.bankofengland.co.uk/markets/marketnotice081008.pdf (accessed 4 June 2009).

Chambers, C.L. (2009), “The Banking Act 2009: a historic piece of legislation or a relic of our time; only history can tell”, International Journal of Liability and Scientific Enquiry, Vol. 3 Nos 1/2, pp. 72‐85.

Cm 7436. Bank of England, FSA and HM Treasury (n.d.), “Financial stability and depositor protection: further consultation and leading to the financial stability and depositor protection: a special resolution regime”, available at: www.hm‐treasury.gov.uk/8108.htm and www.hm‐treasury.gov.uk/d/consult_finstab_specialresolution220708.pdf (accessed 4 June 2009).

FSA Consultation Paper 09/10 (n.d.), “Reforming remuneration practice in financial services”, available at: www.fsa.gov.uk/pages/Library/Policy/CP/2009/09_10.shtml (accessed 5 June 2009).

FSA Discussion Paper 08/03 (n.d.), “Review of liquidity requirements for banks and building societies”, available at: www.fsa.gov.uk/pages/Library/Policy/DP/2008/fs08_03.shtml (accessed 4 June 2009).

FSA Discussion Paper 08/04 (n.d.), “Review of our solo and group capital adequacy requirements”, available at: www.fsa.gov.uk/pages/Library/Policy/DP/2008/fs08_04.shtml (accessed 4 June 2009).

FSA Discussion Paper 09/02 (n.d.), “A regulatory response to the global banking crisis”, available at: www.fsa.gov.uk/pages/Library/Policy/DP/2009/09_02.shtml (accessed 5 June 2009).

FSA Discussion Paper DP 08/3 (2008), “Transparency as a regulatory tool”, May, available at: www.fsa.gov.uk/pages/Library/Policy/DP/2008/08_03.shtml (accessed 4 June 2009).

FSA Discussion Paper DP 09/01 (n.d.), “Short selling”, available at: www.fsa.gov.uk/Pages/Library/Policy/DP/2009/09_01.shtml (accessed 5 June 2009).

FSA and HM Treasury Joint Consultation (2007), “Banking reform – depositor protection; a discussion paper”, October.

HM Treasury (2009a), “Banking crisis: dealing with the failure of the UK banks”, May, available at: www.publications.parliament.uk/pa/cm200809/cmselect/cmtreasy/416/416.pdf (accessed 5 June 2009).

HM Treasury (2009b), “Developing effective resolution regimes for investment banks; a consultation”, May, available at: www.hm‐treasury.gov.uk/d/consult_investmentbank110509.pdf.

Huertas, T. (2009), “The outlook for banking and banking regulation”, 1 April, available at: www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0401_th.shtml (accessed 5 June 2009).

Ross, V. (n.d.), “Lessons from the financial crisis”, Director of strategy and risk, available at: www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0324_vr.shtml (accessed 5 June 2009).

Sants, H. (2008), “How is bank risk to be managed”, 14 October, available at: www.fsa.gov.uk/pages/Library/Communication/Speeches/2008/1014_hs.shtml (accessed 4 June 2009).

Strachan, D. (2009), “The regulatory response from the G20 to the financial crisis”, Director of Financial Stability, FSA, also given at the IRFC Inaugural Summit London, 1 April, available at: www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0401_ds.shtml (accessed 5 June 2009).

Thông tin
Thông tin xuất bản

Emerald

Thông tin tác giả