6. UK banking supervision and regulatory architecture

2019 ◽  
pp. 231-280
Author(s):  
Iris H-Y Chiu ◽  
Joanna Wilson
Keyword(s):  
Global Financial Crisis ◽  
Formal System ◽  
Bank Regulation ◽  
Market Regulation ◽  
Bank Supervision ◽  
Regulatory Architecture ◽  
Financial Soundness ◽  
Banking Business ◽  
The Global Financial Crisis ◽  
The Uk

This chapter addresses the UK bank supervision and regulatory architecture. Although banking business has existed in England since the seventeenth century, banks enjoyed no formal system of regulation until the introduction of the Banking Act of 1979. Over the years, the scope and intensity of regulation increased. After the global financial crisis, further changes were made to bank regulation as well as the regulatory architecture in the UK for bank regulation. The regulatory architecture introduced in April 2013 is characterised as ‘twin peaks’, that is, having two main agencies that are responsible for different regulatory objectives. The Prudential Regulation Authority (PRA) is responsible for ‘prudential’ objectives—that is, the solvency and financial soundness of financial institutions—while the Financial Conduct Authority (FCA) is responsible for conduct of business and market regulation, including promoting competition. The PRA and FCA enjoy a wide berth of rule-making and enforcement powers.

Social work mobility in Europe: a case study from Ireland

2018 ◽  
Author(s):  
Trish Walsh ◽  
George Wilson ◽  
Erna O’Connor
Keyword(s):  
Social Work ◽  
Northern Ireland ◽  
Global Financial Crisis ◽  
Mobility Patterns ◽  
Worker Mobility ◽  
The Republic ◽  
The Global Financial Crisis ◽  
The Uk ◽  
National Governments

Social work has been viewed as one of the most nation-specific of the professions, ‘being closely tied up with national traditions, mentalities and institutions’ (Kornbeck, 2004, p 146). In addition, the political imperatives of national governments, austerity measures and managerialism drive approaches to service delivery which may supersede social work’s professional priorities. This militates against an automatic or easy transfer of professional knowledge from one country to another. In spite of this, there has been an enduring interest in developing international forms of social work that transcend national borders (Gray and Fook, 2004; Lyons et al, 2012). In this chapter, we present a case study of social worker mobility as it has evolved from the establishment of the first national social work registration body in the Republic of Ireland in 1997 with a particular focus on data from 2004-13 capturing the years leading up to, and in the aftermath of, the global financial crisis of 2008. We contrast this with the situation in Northern Ireland (NI), part of the UK and a separate and distinct political and legal entity with its own policies and practices. We draw on statistical and descriptive data provided by Irish social work registration bodies (NSWQB 1997-2011; CORU established in 2011 and NISCC, the Northern Ireland Social Care Council established in 2001) to illustrate (i) how sensitive contemporary mobility patterns are to changing economic and political factors; (ii) how rapidly patterns of mobility change and (iii) how much more mired in complexity European social work mobility is likely to be if the European project itself fractures, as is possible following the Brexit referendum vote in the UK.

scholarly journals Electoral Shocks

2019 ◽  
Author(s):  
Edward Fieldhouse ◽  
Jane Green ◽  
Geoffrey Evans ◽  
Jonathan Mellon ◽  
Christopher Prosser ◽  
...  
Keyword(s):  
Global Financial Crisis ◽  
The European Union ◽  
Electoral Volatility ◽  
Liberal Democrats ◽  
Scottish National Party ◽  
Electoral Choice ◽  
General Elections ◽  
Scottish Independence ◽  
The Global Financial Crisis ◽  
The Uk

This book offers a novel perspective on British elections, focusing on the importance of increasing electoral volatility in British elections, and the role of electoral shocks in the context of increasing volatility. It demonstrates how shocks have contributed to the level of electoral volatility, and also which parties have benefited from the ensuing volatility. It follows in the tradition of British Election Study books, providing a comprehensive account of specific election outcomes—the General Elections of 2015 and 2017—and a more general approach to understanding electoral change.We examine five electoral shocks that affected the elections of 2015 and 2017: the rise in EU immigration after 2004, particularly from Eastern Europe; the Global Financial Crisis prior to 2010; the coalition government of the Conservatives and the Liberal Democrats between 2010 and 2015; the Scottish Independence Referendum in 2014; and the European Union Referendum in 2016.Our focus on electoral shocks offers an overarching explanation for the volatility in British elections, alongside the long-term trends that have led us to this point. It offers a way to understand the rise and fall of the UK Independence Party (UKIP), Labour’s disappointing 2015 performance and its later unexpected gains, the collapse in support for the Liberal Democrats, the dramatic gains of the Scottish National Party (SNP) in 2015, and the continuing period of tumultuous politics that has followed the EU Referendum and the General Election of 2017. It provides a new way of understanding electoral choice in Britain, and beyond, and a better understanding of the outcomes of recent elections.

scholarly journals Problems and Prospects for the Development of the UK Banking System in the Process of New Industrialization and Digitalization

2021 ◽  
Vol 93 ◽  
pp. 05017
Author(s):  
Olga Sokolova ◽  
Nadezhda Goncharova ◽  
Pavel Letov
Keyword(s):  
Capital Market ◽  
Global Financial Crisis ◽  
Banking System ◽  
The European Union ◽  
Important Trend ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk ◽  
High Degree ◽  
New Industrialization

The gist of this article boils down to the development of British banking system in the conditions of new industrialization and digitalization. The banking system of Great Britain is characterized by a high degree of concentration and specialization of banking, a well-developed banking infrastructure, and a close connection with the international loan capital market. London is the world's oldest financial center. The English banking system has the world's widest network of overseas branches. The UK banking system is relatively independent from the credit systems of the European Union. Nevertheless, banking legislation is focused on the unification of banking law within the European Community and supervision of banking activities. In the context of the global financial crisis, the UK banking system, as in other countries, has been severely tested. The most important trend in the development of the UK banking system is the blurring of boundaries between certain types of credit institutions. The subject of the research is the UK banking system in the context of new industrialization and digitalization.

The Greek Economy before and during the Crisis—and Policy Options Going Forward

2017 ◽  
Author(s):  
Costas Meghir ◽  
Christopher A. Pissarides ◽  
Dimitri Vayanos ◽  
Nikolaos Vettas
Keyword(s):  
Social Protection ◽  
Global Financial Crisis ◽  
Business Environment ◽  
Market Regulation ◽  
Policy Options ◽  
Greek Economy ◽  
Good Provision ◽  
The Global Financial Crisis ◽  
System Access

This chapter reviews the performance of the Greek economy before and during the global financial crisis. It also presents policy options for Greece going forward, drawing to a significant extent on the conclusions of subsequent chapters. The chapter first studies Greece's economic performance in the decades before the crisis. It discusses the evolution of gross domestic product (GDP) per capita and productivity, debt, consumption, investment, wages and prices. The chapter then turns to the quality of the institutions pertaining to the business environment (product market regulation, justice system, access to finance, and labor market regulation), and to social protection and public good provision (pensions, welfare system, health care, and education). It also identifies interconnections between institutional quality and macroeconomic outcomes.

Crisis, What Crisis?

2020 ◽  
pp. 1-16
Author(s):  
Geoffrey Meen ◽  
Christine Whitehead
Keyword(s):  
Housing Policy ◽  
Global Financial Crisis ◽  
The Political ◽  
Fiscal Policies ◽  
Policy Debates ◽  
Key Policy ◽  
The Global Financial Crisis ◽  
The Uk ◽  
Analytical Approaches ◽  
Housing Outcomes

The opening chapter provides an overview of the topics covered in the book, set in the context of the key policy debates that have taken place in recent years, not just in the UK but across countries facing similar issues. The chapter introduces the analytical approaches to be used. The methods are primarily those of economists – including modern as well as traditional techniques - but recognise the insights of other disciplines and the political constraints under which housing operates. The chapter stresses that housing cannot be divorced from the macroeconomy and monetary and fiscal policies are often more important to housing outcomes than policies directly aimed at housing. But housing also influences the economy which, particularly since the Global Financial Crisis, has added further constraints on housing policy.

15 Litigation and Enforcement involving Private Funds after the Global Financial Crisis

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Crisis ◽  
Hedge Funds ◽  
Global Financial Crisis ◽  
Private Investment ◽  
The United States ◽  
Regulatory Regime ◽  
Investment Funds ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk

This chapter focuses on the increase in the amount of litigation and enforcement actions against private investment funds in the United States, the UK, and across the globe as a result of the global financial crisis. As more disputes arose during the course of the global financial crisis, the legal and regulatory regime impacting private investment funds has been the subject of closer scrutiny than has been seen in previous decades. The chapter first considers the Securities and Exchange Commission’s (SEC) enforcement actions against hedge funds as well as U.S. civil litigation prior to the financial crisis before discussing Dodd-Frank and its effect on enforcement. It then examines the SEC’s enforcement actions regarding broker-dealer registration, along with some of its key enforcement actions after Dodd-Frank. It also analyses the Financial Conduct Authority’s enforcement priorities after the global financial crisis and key litigation in the UK involving private investment funds.

scholarly journals UNDERSTANDING REGIONAL ECONOMIC PERFORMANCE AND RESILIENCE IN THE UK: TRENDS SINCE THE GLOBAL FINANCIAL CRISIS

2020 ◽  
Vol 253 ◽  
pp. R18-R28
Author(s):  
Marianne Sensier ◽  
Fiona Devine
Keyword(s):  
Financial Crisis ◽  
Business Cycle ◽  
Global Financial Crisis ◽  
Peak Level ◽  
Economic Resilience ◽  
Employment Level ◽  
The Business Cycle ◽  
Regional Economic Performance ◽  
The Global Financial Crisis ◽  
The Uk

We investigate economic resilience of UK regions before, during and after the 2007/8 global financial crisis. We date business cycle turning points in real output, employment and productivity to assess the resilience dimensions of resistance, recovery and renewal and rank the economic resilience of regions in a resilience scorecard. Our empirical results reveal that the business cycle in productivity has not returned to its pre-recession peak level for Yorkshire and the Humber and the employment level has not recovered in Scotland. The resilience scorecard ranks the South East as the most resilient region with Northern Ireland the least resilient.

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