Appointment Of John Griffith Jones As Chair Designate Of The Financial Conduct Authority

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 40 pages
File Size : 41,5 Mb
Release : 2013-01-18
Category : Business & Economics
ISBN : 0215052439

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Appointment of John Griffith-Jones as Chair-designate of the Financial Conduct Authority by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

John Griffith-Jones is to chair the new Financial Conduct Authority (FCA). Although the FCA is a successor body to the Financial Services Authority (FSA), his is not a continuity role. The Committee believes that the FCA can be radically different from its predecessor under the new chair in at least four respects: He must restore the credibility of the conduct regulator. Although a great deal of time and effort was put into conduct matters, the FSA left consumers exposed to some of the worst scandals in UK financial history. The Committee expects Mr Griffith-Jones and his board to ensure that the new organisation adopts a radically different approach. It is noted that the PRA, which has assumed responsibility for most prudential aspects of the FSA's work, has done this, with its adoption of a move to judgement-based regulation.The FCA has different objectives from the old FSA: as well as having to ensure that markets work well, it has objectives with regard to consumer protection, the integrity of the UK financial system, and competition. The Committee has criticised the complexity of the objectives set out for the FCA in the Financial Services Bill; but Mr Griffith-Jones and the FCA's senior leadership will need to think about the inter-relationship of the FCA's objectives and how meaningfully to fulfil them. The Treasury Committee will engage in an oversight role of the governance at the FCA and with the commitments that Mr Griffith-Jones has made to the Committee, Parliament will expect the new FCA to respond to Treasury Committee requests for information promptly and thoroughly.

Author : Great Britain. Parliament. House of Commons. Treasury Committee
Publisher : The Stationery Office
Page : 25 pages
File Size : 52,8 Mb
Release : 2016-02-26
Category : Electronic
ISBN : 9780215091260

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HC 811 - The Treasury Committee's Scrutiny of Appointments by Great Britain. Parliament. House of Commons. Treasury Committee Pdf

Author : Niamh Moloney,Eilís Ferran,Jennifer Payne
Publisher : OUP Oxford
Page : 900 pages
File Size : 47,9 Mb
Release : 2015-08-27
Category : Law
ISBN : 9780191510878

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The Oxford Handbook of Financial Regulation by Niamh Moloney,Eilís Ferran,Jennifer Payne Pdf

The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state of the art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the perennial objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability, market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation is an invaluable resource for scholars and students of financial regulation, economists, policy-makers and regulators.

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 16 pages
File Size : 45,6 Mb
Release : 2013-10-18
Category : Political Science
ISBN : 0215062817

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House of Commons - Treasury Committee: Appointment of Sir Jon Cunliffe as Deputy Governmor of the Bank of England - HC 689-I by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

Volume 2: Oral evidence. Written evidence can be found on the Committee's website at www.parliament.uk/treascom

Author : Great Britain. Parliament. House of Commons. Treasury Committee
Publisher : The Stationery Office
Page : 86 pages
File Size : 43,5 Mb
Release : 2014
Category : Political Science
ISBN : 9780215078810

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HC 768 - Implementing the Recommendations of the Parliamentary Commission on Banking Standards by Great Britain. Parliament. House of Commons. Treasury Committee Pdf

Author : Great Britain. Parliament. House of Commons. Treasury Committee
Publisher : The Stationery Office
Page : 240 pages
File Size : 48,6 Mb
Release : 2014
Category : Business & Economics
ISBN : 9780215078452

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HC 728-II - Project Verde: Volume II by Great Britain. Parliament. House of Commons. Treasury Committee Pdf

One of the most significant consequences of Co-op Bank's near-collapse, from a public policy perspective, was the collapse of Lloyds Banking Group's planned divestment under Project Verde. Co-op Bank's withdrawal forced Lloyds to resort to its fallback option of an Initial Public Offering. The result is a new bank, TSB, which, not having an existing banking presence of its own, consists solely of the business divested by Lloyds. Accordingly, it has a personal current account market share not of 7 per cent, but of 4.2 per cent. There is a risk that a bank of this size might struggle to grow significantly and to act as a true challenger in the market. Had Co-op Bank's resulting capital shortfall been uncovered earlier, it is likely that the bank would not have progressed so far with Verde. As it was, the rapid and late emergence of the capital problem led to Co-op's withdrawal from the Verde process at a relatively late stage. The Committee recommends that the FRC investigation and the independent inquiry into the events at Co-op Bank consider the role of KPMG and the FSA in relation to the late emergence of loan impairment and IT losses. On the basis of these findings, the independent inquiry into the events at Co-op Bank should also form a view on whether Co-op's Verde bid could or should have been halted sooner. While it may not have been fully transparent from the start that Co-op Bank's bid was doomed to failure, it was beset by problems from an early stage. But it was not these problems that killed the deal-it was the capital shortfall that emerged only late in the day. It is important, from every angle to determine why the capital shortfall was not uncovered earlier.

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 84 pages
File Size : 53,7 Mb
Release : 2014-06-09
Category : Business & Economics
ISBN : 9780215072900

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HC 97 - Private Finance 2 by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

Written evidence is contained in Volume 2, available on the Committee website at www.parliament.uk/treascom

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 100 pages
File Size : 44,5 Mb
Release : 2013-04-19
Category : Business & Economics
ISBN : 0215056957

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Appointment of Dr Mark Carney as Governor of the Bank of England by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

The Treasury Committee has today published a report following the pre-commencement hearing it held with the next Governor of the Bank of England, Dr Mark Carney, on 7 February 2013. During the hearing, Dr Carney offered his views on the UK's future monetary policy framework. The Treasury Committee will report its conclusions, based in part on Dr Carney's evidence, in its forthcoming Report on the Budget. The Bank of England has taken on a wide range of new powers. Significant structural and cultural change is underway. Dr Carney will be responsible for overseeing it. In evidence to the Committee, Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to a meaningful change of culture within the Bank. The Committee wishes Dr Carney every success for his term as Governor. He will bring a wide range of skills and a great deal of experience to the role. Dr Carney's appearance before the Treasury Select Committee has set an important precedent. No previous Governor of the Bank of England has been subject to such a rigorous pre-commencement hearing. In future, they will be.

Author : Christopher Hodges
Publisher : Bloomsbury Publishing
Page : 803 pages
File Size : 49,8 Mb
Release : 2015-10-22
Category : Law
ISBN : 9781782255833

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Law and Corporate Behaviour by Christopher Hodges Pdf

This book examines the theories and practice of how to control corporate behaviour through legal techniques. The principal theories examined are deterrence, economic rational acting, responsive regulation, and the findings of behavioural psychology. Leading examples of the various approaches are given in order to illustrate the models: private enforcement of law through litigation in the USA, public enforcement of competition law by the European Commission, and the recent reform of policies on public enforcement of regulatory law in the United Kingdom. Noting that behavioural psychology has as yet had only limited application in legal and regulatory theory, the book then analyses various European regulatory structures where behavioural techniques can be seen or could be applied. Sectors examined include financial services, civil aviation, pharmaceuticals, and workplace health & safety. Key findings are that 'enforcement' has to focus on identifying the causes of non-compliance, so as to be able to support improved performance, rather than be based on fear motivating complete compliance. Systems in which reporting is essential for safety only function with a no-blame culture. The book concludes by proposing an holistic model for maximising compliance within large organisations, combining public regulatory and criminal controls with internal corporate systems and external influences by stakeholders, held together by a unified core of ethical principles. Hence, the book proposes a new theory of ethical regulation.

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 126 pages
File Size : 44,5 Mb
Release : 2013-12-03
Category : Business & Economics
ISBN : 0215064739

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House of Commons - Treasury Committee: Money Advice Service - HC 457 by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

The Money Advice Service is not currently fit for purpose. The Committee considered whether to recommend that the MAS be scrapped completely but given that the Treasury had already announced its intention to conduct a review of the MAS they granted a stay of execution. They asked the Government to expedite this review and recommended that it should be independent, rather than led by the Treasury. The review must assess whether the MAS should continue to exist and, if so, how it can overcome the serious problems discussed. The current management of the MAS should also explain how they are going to act on the concerns identified. The independent review should seek to answer the following questions: Should the Money Advice Service-or something like it-exist as a statutory organisation? If so, what should the role and strategy of such a body be? Should it be a co-ordinator, commissioner or direct provider of advice? What channels should it use? If not, should the FCA take responsibility for the objectives of the Service? Does the FCA need greater statutory powers to hold the Money Advice Service to account? What are the views of other bodies in this sector about the way in which the Money Advice Service is now engaging with them? To what extent does the work of the Money Advice Service unnecessarily duplicate existing provision? What should the role of the Service be in each of the areas in which it operates? Is the remuneration of the Service's senior staff set at an appropriate level?

Author : Great Britain: Parliament: House of Commons
Publisher : The Stationery Office
Page : 350 pages
File Size : 41,8 Mb
Release : 2013-09-13
Category : Political Science
ISBN : 0215062272

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House of Commons: Sessional Returns - HC 1 by Great Britain: Parliament: House of Commons Pdf

On cover and title page: House, committees of the whole House, general committees and select committees. On title page: Returns to orders of the House of Commons dated 14 May 2013 (the Chairman of Ways and Means)

Author : Great Britain: Parliament: House of Commons: Treasury Committee,Andrew Tyrie
Publisher : The Stationery Office
Page : 126 pages
File Size : 40,9 Mb
Release : 2014-05-09
Category : Business & Economics
ISBN : 9780215071996

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HC 1189 - Budget 2014 by Great Britain: Parliament: House of Commons: Treasury Committee,Andrew Tyrie Pdf

In this report the Treasury Committee makes recommendations on pensions, savings, HMRC debt recovery powers and housing. The greater flexibility and choice provided by the proposed pension reforms is welcomed. The 'guidance guarantee' is an important part of making sure that consumers benefit from increased choice. It should be measured against a set of recommended principles to ensure its effectiveness. The pensions reforms are also likely to lead to financial innovation. Following the financial crisis, and the mis-selling scandals, the reputation of the industry is under scrutiny. With regard to savings - double taxation has long been a deterrent to some forms of saving. With the enhanced flexibility for those saving there may now be scope in the long term for bringing the tax treatment of savings and pensions together to create a 'single savings' vehicle. The proposal to grant the power to HMRC to take money directly from people's bank accounts is extremely concerning. Exceptional powers such as this require prior independent oversight. With regard to housing, the Help to Buy scheme, at least in the short-to-medium term, could raise house prices. There is also the risk that withdrawal of Help to Buy may have a distorting effect on the housing market. The need to address these difficulties places a particular responsibility on the FPC, as well as the Government, for detecting and addressing the financial stability risks arising from the housing market. There are also reservations about any extension of retrospection in the tax system. Retrospection should be considered only in wholly exceptional circumstances

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 64 pages
File Size : 43,6 Mb
Release : 2014-03-08
Category : Business & Economics
ISBN : 0215069471

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House of Commons - Treasury Committee: Autumn Statement 2013 - HC 826 by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

Around 43% of departmental expenditure limits are ring-fenced. As a consequence, public expenditure control - on the scale required to address the deficit - will be increasingly difficult. While ring-fencing reflects public priorities, those preferences are not equally strongly held for all ring-fenced areas. Support for the 33.5% cumulative real increase in aid over the course of this Parliament, for example, appears to be lower than for health and schools. The Committee also remains concerned about the impact of the Government's Help to Buy: Mortgage guarantee scheme. An abrupt end to the scheme could distort the market, as could announcements which radically alter people's expectations. Forecasts of additional revenue from many anti-avoidance measures are inherently extremely uncertain. The Committee warned in its report on the Autumn Statement 2012 that the forecast revenues from the UK-Swiss agreement - at £5.3 billion - were subject to uncertainty and that the proceeds may not meet expectations. These concerns appear to have been justified. Even after the event it is often very difficult to establish how much a particular measure has raised. The OBR should look again at how the Government accounts for projected revenues, based on previous experience. Even after the event it is often very difficult to establish how much a particular measure has raised. The more transparency about the yield, and therefore each proposal's effectiveness, the better

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 200 pages
File Size : 45,6 Mb
Release : 2013-04-22
Category : Business & Economics
ISBN : 0215057007

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Budget 2013 by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

The Treasury Committee's report on Budget 2013 focuses on: macroeconomy; the public finances; monetary policy; taxation; departmental spending; housing; energy policy; premature disclosure of budget information; Parliamentary timing. The report contains 46 conclusions and recommendations. Particular attention is paid to the Help to Buy housing policy, which is considered a work in progress which may have unintended consequences and may not help first-time buyers. The Committee poses a number of questions for the Chancellor on the policy. Overall, if the Government's priority was housing supply, its housing measures should have concentrated there. On energy it is unclear which Government Department is in the lead for energy policy and this lack of clarity must be addressed. The changes to the monetary policy remit announced by the Chancellor at the time of Budget 2013 create uncertainty. Tax complexity and instability remain of considerable concern. The Committee will monitor whether the Government anti-avoidance measures succeed in generating the revenue predicted of them. In addition, the Committee invited comments from three accounting bodies on how Budget 2013 meets the Committee's tax policy principles: basic fairness; supporting growth and encouraging competition; certainty, including simplicity; stability; practicality; and coherence.

Author : Junghoon Kim
Publisher : Springer Nature
Page : 375 pages
File Size : 43,7 Mb
Release : 2020-12-03
Category : Business & Economics
ISBN : 9789811573293

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Strategies of Financial Regulation by Junghoon Kim Pdf

This book analyses different strategies and their results in implementing financial regulation in terms of rule-making, public enforcement and private enforcement. The analysis is based on a comparative study of conduct of business regulation on mis-selling of financial instruments in the UK and South Korea. It extends into liquidity regulation in the banking sector and credit rating agency regulation. The book concludes that in rule-making, purposive rules are more effective for achieving regulatory goals with minimal undesirable results, but a rule-making system with purposive rules can only work on a foundation of trust among rule-makers, enforcers and the regulates, that with respect to public enforcement, the enforcement strategies should combine the compliance-oriented and deterrence-oriented approaches and be continuously adjusted based on close monitoring of the regulatory outcomes and that in private enforcement, regulation should be instituted as the minimum requirement in private law.