The Implication of Ppp on Ptm

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3 The Regulatory System in the United Kingdom

This chapter examines the regulatory system currently in place in the United Kingdom. It provides an overview of the structure and objectives of regulation, the role of the regulator and the techniques that are employed in regulating firms and individuals who engage in investment business.

3.1 Background: the financial crisis and regulatory reform

3.1.1 Responding to the financial crisis In the UK, as elsewhere, the onset of the financial crisis exposed deficiencies in financial regulation and led to calls for regulatory reform. The Treasury Select Committee1 led the way, with its hearings into the collapse of Northern Rock exposing serious deficiencies in supervision and risk management.2 In October 2008, the Chancellor of the Exchequer asked Lord Turner, the newly appointed chairman of the FSA, to review the causes of the crisis and to make recommendations on the changes in regulation and supervisory approach needed to create a more robust banking system for the future. The Turner Review3, published in March 2009, made a


The Treasury Select Committee is a Parliamentary (House of Commons) committee that scrutinises the

activity of the regulatory authorities in the UK.

See House of Commons Treasury Committee, The Run on the Rock HC 56-1 (Fifth Report of Session


FSA, ‘The Turner Review, A regulatory response to the global banking crisis’ (March 2009) at See also the FSA publication that accompanied the Turner Review: FSA Discussion Paper 09/2 ‘A regulatory response to the global banking crisis’ (March 2009) at For a more detailed discussion of both see I MacNeil ‘The Trajectory of Regulatory Reform in the UK in the Wake of the Financial Crisis’, 11(4) European…...

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