Are financial services over-regulated?

Alcock, A

Abstract

As the Equitable Life saga drags on, accounting scandals break over Enron and WorldCom and allegations of self-serving analysts reports swirl around Merrill Lynch and other US investment banks, this may seem an extraordinary question to ask. But this is the very time that one must beware of the ‘dangerous dogs’ reaction1. It is easy to forget in the immediate aftermath of scandals that extra regulation may achieve little beyond satisfying the call for ‘something to be done’ and can cumulatively cost a lot, even perversely increase the chances of future disasters2. With the EU’s Financial Services Action Plan, the DTI’s consultation on Company Law, the Sandler review of savings and the FSA’s review of polarisation, Listing Rules and simplified product selling, the opportunity for radical change, good or bad, is all to apparent. This article seeks to give an overview of the current position and assess the danger of an over-reaction.

Citation

Alcock, A. (2003). Are financial services over-regulated?. Company Lawyer, 24, 132

• Journal Article Type: Article
• Publication Date: Jan 1, 2003
• Deposit Date: Feb 25, 2010
• Publicly Available Date: Feb 25, 2010
• Journal: Company Lawyer
• Publisher: Sweet and Maxwell
• Peer Reviewed: Peer Reviewed
• Volume: 24
• Pages: 132
• Publisher URL: http://www.sweetandmaxwell.co.uk/Catalogue/ProductDetails.aspx?recordid=458&productid=7056