Download Current Issues in Financial Services by Brian Anderton (eds.) PDF

By Brian Anderton (eds.)

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There is thus every incentive, in relation to capital adequacy management, to take on higher risk, higher return loans. Other criticisms focus upon the classification of what can be counted as 'capital' for the purposes of the capital adequacy calculation. Many new forms of capital are not allowed, owing to perceived risk or lack of liquidity. As a result, banks are effectively prevented from using them. This affects their competitive ability, as other financial institutions can operate without such effective restrictions on sources of capital.

Partly in response to this criticism, FIMBRA and LAUTRO will be superseded in 1995 by the Personal Investment Authority (PIA). A prime example of diffused responsibility is that of insider dealing (effectively a crime against the market itself- investors will instinctively stay away from a market in which they are unfairly treated through second-hand access to price-sensitive information), where the SIB, the Department of Trade and Industry, the Treasury, the Bank of England and the London Stock Exchange may all be involved.

An inefficient market. The cartel run by the building societies up until the 1980s (a form of self-regulation) led to a lack of competition and the inefficient pricing of mortgages. The main question is whether or not the costs of a particular form of regulatory framework are justified by the magnitude of consumer protection that ensues, and the gains in efficiency and allocation that evolve from a properly regulated,_competitive financial system. One of the greatest direct costs of regulation has turned out to be the payments made to investors through the compensation schemes for failed and/or fraudulent institutions.

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