This paper is a text of the report which the author presented on 6 November 1996, as Reporter for the Financial Services Industry, on the occasion of the hearing organised by the European Commission in respect of the Green Paper.

It is clear that the regulation of the financial services sector in Britain needs reform. The aim should be to ensure that high standards are maintained and that consumer protection is enhanced.

Parliament has recently approved Treasury legislation defining the structure of the UK‐based open‐ended investment company (OEIC). This paper reports on the changes made in response to messages received in consultation, especially in the area of corporate governance. It also considers...

Globally, there are more than 16 stock markets that are undergoing drastic enough growth to be considered emerging. These markets possess characteristics very distinct from those which may be characterised as mature. This paper compares interim reporting regimes in two markets with these...

The purpose of this paper is to examine the importance of the PIA's training and competence requirements as a means by which a company's PIA Compliance Officer can ensure advisors are being properly monitored and are given advice in a competent and compliant way. It examines the importance of...

Personal general insurance policies are not subject to statutory regulation. There is instead a system of voluntary self‐regulation and the question arises as to the effectiveness of this regime. This paper explores that issue in relation to payment protection insurance (PPI) and suggests, on...

The paper analyses the identification requirements imposed on financial institutions by the UK Money Laundering Regulations 1993 and the related guidance given by the Joint Money Laundering Steering Group. The paper seeks to distinguish between what is actually required by law from what is or...

Nobody disputes the risk‐reducing effect of netting agreements in over‐the‐counter (OTC) derivative contracts. There is an evident interest for banking supervisors to promote such agreements, in order to improve the soundness of banks. The European Union (EU) has started to recognise this...

Bishopscourt (BS) Ltd (formerly known as Barings Securities Ltd, BSL) was an indirect subsidiary of Barings plc (the English holding company of the Barings group). BSL and its subsidiaries carried out agency and own account futures and securities trading. Barings Futures Singapore Pte Ltd (BFS),...

This case arose out of the criminal trial in 1990 of Mr Ernest Saunders, the former chief executive of Guinness plc, on charges of conspiracy, theft and false accounting for his role in the unlawful share support operation conducted by Guinness plc during the course of its 1986 contested...