The new single regulator for financial services, which acquires its main powers under the new Financial Services and Markets Act 2000, brings together nine regulatory and supervisory bodies operating under a broad range of existing statutory or contractual arrangements across all financial...

Although the facts giving rise to this decision concerned planning control and planning law the decision is of relevance to the debate about the applicability of the Human Rights Act 1998 to the various regulatory functions and powers conferred on the Financial Services Authority (FSA) by the...

The various pre‐trial stages of these complex proceedings have been discussed in previous issues of this Journal in Vol. 5, No. 1, pp. 70–72, Vol. 7, No. 3, pp. 274–280, Vol. 8, No. 4, pp. 359–364 and the factual background explained. Depositors in the UK branch of BCCISA (part of the...

The Economic Secretary to HM Treasury, Miss Melanie Johnson, announced on 15th March that ‘N2’, the date on which most of the Financial Services and Markets Act 2000 will be implemented, will definitely take place before the end of November 2001. That important and long awaited announcement...

The paper summarises the key elements contained in recent proposals to revise the Basel Accord on bank capital and associated European Union requirements. A major consultative paper was issued by the Basel Committee in January this year and it is intended that the new rules will be finalised...

The Basel committee proposes making regulatory capital requirements more risk sensitive. Cost‐benefit assessment suggests that this yields greater efficiency in the use of regulatory capital, but has substantial enforcement and compliance costs and may well increase the severity of banking...

The purpose of this paper is to set the proposed new capital adequacy arrangements in the wider context of what is termed a regulatory regime. The central theme is that the components of the regulatory regime need to be combined in an overall regulatory strategy, and that while all the...

Here the author proposes the Mutual Insurance Model with Incentive Compatibility (MIMIC). MIMIC is a model for deposit insurance that mimics the incentives and practices of a private sector, mutual, insurance organisation. The main features of MIMIC are: fully risk‐based premiums, payments by...

This paper considers what purposes regulation and supervision of financial institutions are designed to serve. Historical experience with regulation and supervision is considered, and it is argued on the basis of that examination that a fairly ‘light touch’ in regulation is likely to achieve...