The global financial crisis has highlighted the need for reform of the financial services sector. In the UK, the Financial Services Authority, which regulates financial sector, including banking services, general insurance and mortgages, has already taken a number of steps to reform the sector following publication of a regulatory review of financial services in March 2009.
Central to the reforms being made is an acknowledgement that its previous policy of lighter touch regulation had failed and a more heavy-handed approach was needed. In the future, it intends to take a more active role and will engage in more intensive supervision of financial firms, including taking tougher action against transgressors.
A new article published in Tabaq Software’s Spring 2010 newsletter discusses the changes being made, the reforms that are likely to be imposed and what financial services institutions should do to prepare themselves. The article can be accessed in full here: Financial regulations–from reactive to proactive.