The credit crunch – the right time for credit unions to strike?

Legal Studies ◽  
2009 ◽  
Vol 29 (1) ◽  
pp. 75-98 ◽  
Author(s):  
Nicholas Ryder
Keyword(s):  
Financial Services ◽  
Regulatory System ◽  
Credit Unions ◽  
Credit Union ◽  
Political Support ◽  
North American Continent ◽  
Cooperative Movement ◽  
The North ◽  
The Government ◽  
The Uk

The origins of the cooperative movement can be traced to the Rochdale Society of Equitable Pioneers in 1844, from which similar institutions emerged in Central Europe, the North American continent and the rest of the world. Modern credit unions evolved from these small cooperative societies and have developed into mainstream providers of financial services in many jurisdictions. However, credit unions in the UK have not made a similar impact. There are several factors that have limited their growth – an inadequate legislative framework, an ineffective credit union regulatory system, inappropriate development models, an over-reliance on state subsidies and a disunited movement. The aim of this paper is to re-examine these factors in light of the level of political support provided by the government since 1997.

Developing Trade in Services

2019 ◽  
Vol 250 ◽  
pp. R30-R33
Author(s):  
Alexis P. Lautenberg
Keyword(s):  
Financial Services ◽  
Trade In Services ◽  
Executive Summary ◽  
Services Sector ◽  
Regulatory Standards ◽  
European Regulatory ◽  
The Status ◽  
The Government ◽  
The Uk ◽  
The Eu

Executive SummaryServices are simultaneously the most important sector of the UK economy and the sector facing the biggest challenge as a result of Brexit. The prospective departure from the European Single Market reduces the UK to the status of ‘3rd country’ in respect of services. Accessing the internal market will depend on both subjective and objective conditions that differ from sector to sector, requiring detailed and highly specific arrangements for such industries as aviation and financial services.In practice, the EU can be expected to use these circumstances to discourage the UK from significantly diverging from European regulatory norms, as a matter of policy. In view of the weakness of, and uncertainty surrounding, international moves to oversee, let alone to further liberalise, trade in services, Brexit will thus leave the UK's services sector – and especially financial services – uniquely isolated and exposed. The government will hence need to consider carefully the costs of decisions to diverge from EU regulatory standards, and should be giving great priority to establishing clear objectives for close cooperation between the UK and the EU policy makers and regulators.

Part I The Industry and Regulatory Context, 2 The UK Regulatory Framework

2014 ◽  
Author(s):  
McMeel Gerard
Keyword(s):  
Financial Services ◽  
Regulatory System ◽  
Regulatory Framework ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Prudential Regulation ◽  
Financial Firms ◽  
Regulation And Supervision ◽  
The Uk ◽  
Financial Regulatory

This chapter discusses the UK financial regulatory system. The two principal financial regulators are the Prudential Regulation Authority (PRA), responsible for the macro-prudential regulation and supervision of major institutions such as banks and insurance companies; and the Financial Conduct Authority (FCA), with a remit embracing the conduct of business of all financial firms and the micro-prudential supervision of smaller firms. The two regulators were created by the re-writing of the framework Act, the Financial Services and Markets Act 2000, by the Financial Services Act 2012. The chapter provisions of the 2000 Act and describes the FCA's and the PRA's Handbooks.

scholarly journals The rise and fall of the UK operating and financial review

2014 ◽  
Vol 27 (4) ◽  
pp. 655-685 ◽  
Author(s):  
N. Rowbottom ◽  
M.A.S. Schroeder
Keyword(s):  
Political Ideology ◽  
Political Support ◽  
Reporting Standard ◽  
Content Type ◽  
Regulatory Decision ◽  
Corporate Reporting ◽  
Business Lobbying ◽  
The Government ◽  
Using Data ◽  
The Uk

Purpose – The purpose of this paper is to analyse the controversial repeal of legislation requiring UK companies to disclose an Operating and Financial Review (OFR). After a lengthy period of consultation and the preparation of a reporting standard, legislation was passed in March 2005 requiring UK listed companies to disclose a separate statement of management commentary, an OFR. In November 2005 the Chancellor unexpectedly and controversially announced the repeal of the OFR during a speech to the largest business lobbying group in the UK. Design/methodology/approach – The analysis draws upon internal, private governmental documents prepared by the Treasury ministry to brief the Chancellor, publicly disclosed as a result of a legal challenge against the repeal decision. Findings – The paper describes how Treasury officials were motivated to seek deregulatory opportunities in order to gain political support for their head, Prime Minister-in-waiting, Gordon Brown. The analysis reveals how the repeal of the OFR was identified as an example of corporate deregulation, and how this perception proved to be misplaced following the reaction to the repeal decision which led to the government reinstating many OFR requirements in an enhanced Business Review in 2006. Originality/value – The paper draws on the conception of “3-D” power to analyse how a political ideology prevalent in the pre-financial crisis environment came to influence accounting technology with unexpected consequences. Using data rarely disclosed in the public domain, it illuminates the “black boxed” processes underlying regulatory decision making. The paper details how the Treasury were politically motivated to influence corporate reporting policy in the absence of concerted political lobbying, and why this episode of government intervention led to an unanticipated regulatory outcome.

The efficacy of market abuse regulation in the UK

2016 ◽  
Vol 24 (3) ◽  
pp. 248-267
Author(s):  
Brendan John Lambe
Keyword(s):  
Insider Trading ◽  
Financial Services ◽  
Abnormal Returns ◽  
Regulatory System ◽  
Contributory Factor ◽  
Content Type ◽  
Market Abuse ◽  
Event Date ◽  
Run Up ◽  
The Uk

Purpose The purpose of this paper is to ascertain the efficacy of Financial Services and Markets Act (FMSA) (2000) in deterring illegal insider trading in target companies around the time of a merger and aquisition announcement. Design/methodology/approach The author uses an event study to measure the cumulative average abnormal returns (CAARs) around both the announcement and rumour date for a sample of UK takeovers between 2001 and 2010. Findings Statistically significant CAARs prior to the event date are observed across the sample. Research limitations/implications It is not possible to link unknown instances of illegal insider trading with pre takeover residuals, therefore explaining the residuals remains a deductive process. Practical implications Pre-event abnormal returns may indicate that trading on material nonpublic information is still a contributory factor in the run-up proportion of takeover premiums. Social implications This draws a question over the efficacy of the regulatory system. Originality/value This study provides evidence which points to insider trading activity ahead of Mergers in a post FMSA 200 UK context.

scholarly journals A case of tightrope walking

2016 ◽  
Vol 9 (2) ◽  
pp. 238-250 ◽  
Author(s):  
Donna Bramwell ◽  
Caroline Sanders ◽  
Anne Rogers
Keyword(s):  
Government Employees ◽  
Content Type ◽  
North West ◽  
Workplace Engagement ◽  
The North ◽  
Depth Study ◽  
The Government ◽  
The Uk ◽  
Depth Interviews

Purpose – Given that current policy in the UK is focused on encouraging individuals with long-term health conditions (LTCs) to work wherever possible, the purpose of this paper is to explore employer’s and manager’s perspectives of supporting those with LTCs as any successful workplace engagement will largely be influenced by their readiness to be supportive. Design/methodology/approach – In total, 40 semi-structured in-depth interviews were conducted with employers’ and managers’ from a range of organisations in the north-west of England during the period March 2011 to January 2012. Comparative analysis of the data was guided and informed by grounded theory principles. Findings – All bar one participant typified their role as one of a difficult “balancing” act of additional and often incompatible demands, pressures and feelings. It was evident that coping with this ambivalent situation incurred an emotional consequence for participants. Practical implications – Employers’ and managers’ response to ambivalent feelings may serve to undermine their capacity to translate supportive intentions into tangible action and are thus reflected in employee’s perceptions of unsupportive relations. Developing an intervention to raise awareness of the potential for this situation and subsequent impact on the return to work process would be beneficial for all stakeholders – the government, employees and employers alike. Originality/value – This in-depth study gives voice to employers and managers whose experiences and perceptions of supporting people with LTCs is largely unknown and empirically under-researched. Findings add to the wealth of research from the employee perspective to provide a more nuanced picture of the workplace for those working with and/or supporting those with LTCs.

Political Influence and TARP Investments in Credit Unions

2012 ◽  
Vol 02 (04) ◽  
pp. 1250017 ◽  
Author(s):  
Elisabeta Pana ◽  
Linus Wilson
Keyword(s):  
Financial Services ◽  
Important Determinant ◽  
Political Influence ◽  
Credit Unions ◽  
Financial Sector ◽  
Credit Union ◽  
Predicted Probability ◽  
Capital Injections

About 48 credit unions received capital injections as part of the financial sector bailout. The predicted probability of receiving bailout funds jumps from 29% to 81% for the typical credit union, if the institution's headquarters was in the district of a member of the U. S. House Financial Services Committee (HFS). The credit unions receiving funds were significantly less likely to lend, contrary to the goals of the program. These results indicate that political influence may be an important determinant of which institutions receive taxpayer funds.

The Keys of the Kingdom

2021 ◽  
pp. 54-72
Author(s):  
David Dickson
Keyword(s):  
Seventeenth Century ◽  
North Atlantic ◽  
Financial Services ◽  
Culturally Diverse ◽  
Western Europe ◽  
Port Cities ◽  
Wholesale Trade ◽  
The North ◽  
The North Atlantic ◽  
The Government

This chapter highlights Bishop Berkeley's 'keys of the kingdom', in which he argued that the seaports of the south and east were lynchpins in an economy that had become highly export dependent. It notes that they were the conduits through which trade passed, where goods were assembled, processed and despatched, and where financial services were available. And 'merchants' did indeed possess the keys. The chapter examines the classic era of the merchant, the sedentary négotiant who dominated the business and usually the government of port cities, who dealt in a variety of import/export lines of trade with overseas correspondents, and who settled accounts by means of an internationally accepted set of protocols governing the use of bills of exchange across western Europe and the North Atlantic. It also describes the Irish merchant communities in Sligo, Galway, and Dublin who were overwhelmingly male and culturally diverse. Finally, the chapter assesses the Catholic merchants' pre-eminent position in this wholesale trade after the enormous setbacks of the seventeenth century.

1 The UK Financial Regulators

2020 ◽  
Author(s):  
Russen Jonathan ◽  
Kingham Robin
Keyword(s):  
Financial Services ◽  
Regulatory Authority ◽  
Self Regulation ◽  
Regulatory System ◽  
Public Confidence ◽  
Payment Systems ◽  
Prudential Regulation ◽  
The Uk ◽  
Financial Regulatory

This introductory chapter traces the evolution of the UK financial regulatory system and provides an overview of the UK financial regulators. Following the introduction of the Financial Services Act 1986, the Securities and Investments Board (SIB) was established as the primary UK financial regulatory authority. However, a series of scandals shook the sector in the 1990s and brought public confidence in the SIB into question. The era of self-regulation was over. The SIB was renamed the Financial Services Authority (FSA) in 1997 and, in December 2001, the FSA received a host of new powers through the commencement of the Financial Services and Markets Act 2000 (FSMA). Subsequently, the Financial Services Act 2012 significantly amended the FSMA, abolishing the FSA and creating in its place two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). However, the FCA and the PRA are not the only UK financial regulators. Since 2001, the Financial Ombudsman Service (FOS) has acted as an adjudicator in disputes between financial services firms and UK consumers. Other regulators with discrete or overlapping areas of responsibility include the Competition and Markets Authority (CMA), the Payment Systems Regulator (PSR), and the Panel on Takeovers and Mergers.

Value proposition preferences of credit union members and patronage activity

2014 ◽  
Vol 32 (6) ◽  
pp. 567-589 ◽  
Author(s):  
Noreen Byrne ◽  
Olive McCarthy
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Credit Unions ◽  
Credit Union ◽  
Value Proposition ◽  
Content Type ◽  
Relational Value ◽  
Emotional Value ◽  
The Impact ◽  
The Relationship

Purpose – The purpose of this paper is to examine the technical and relational value proposition preferences of credit union members and to examine the relationship between their preference and patronage activity. Design/methodology/approach – A total of 800 members of credit unions were surveyed. Exploratory factor analysis was used and four factors were extracted incorporating technical and relational dimensions of the credit union service. Member value proposition preferences are examined and the relationship to patronage activity of the credit union was explored. Findings – The majority of members express a higher or equal preference for a relational rather than a technical value proposition. Those that express a greater or equal preference for relational value are more likely to have a higher level of patronage activity. Research limitations/implications – Credit unions are member-owned financial institutions and hence the study is context dependent. Credit unions are member-owned financial institutions and hence relational value may be more significant than in the case of non-member owned entities. Practical implications – The research highlights the importance of consideration of relational value in financial services entities whose competitive advantage lies in the relational. In terms of the credit union, the impact on the relational value proposition of the credit union must be considered in the design and implementation of industry restructuring. Originality/value – This paper extends the emotional value and interactive quality construct to incorporate a greater relational focus which the paper suggests is of greater relevance to high-contact financial services. The research in this paper also extends beyond the criticised static focus of consumer perceived scales (consumer perceived value) and the episode focused service quality scales. Hence, it has a more longitudinal and holistic focus. The paper also incorporates a preference between benefits approach rather than an evaluative or trade-off between benefits and costs framework.

scholarly journals Indie Dreams: Video Games, Creative Economy, and the Hyperindustrial Epoch

2018 ◽  
Vol 13 (7) ◽  
pp. 671-689 ◽  
Author(s):  
Patrick Crogan
Keyword(s):  
Video Games ◽  
Cultural Transformation ◽  
Research Network ◽  
Creative Economy ◽  
North American Continent ◽  
The North ◽  
Cultural Medium ◽  
Creative Force ◽  
The Uk ◽  
Network Project

This essay draws on research undertaken as part of a research network project exploring the growth of independent game producers in recent years and the associated changes in the technological and economic conditions of the games industry in the UK, Europe, and the North American continent. It reflects on the possibilities of and challenges to a critical and creative maturing of video games as a cultural medium, evaluating these in the context of contemporary developments in global technoculture and the digital economy. Bernard Stiegler’s critical analysis of hyperindustrial consumer culture is mobilized in evaluating the dreams for an indie future of video games as a creative force in digital cultural transformation.

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