Banking Law - The failure of the FSA in light of the recent banking failures Free Essay, Term Paper and Book Report
In the past year banks in the United Kingdom have experienced substantial losses and adverse effects due to the credit market crisis. The crisis was seen to begin in the United States as a result of defaults in payments of sub-prime mortgages; leading to extensive losses on many mortgage-related assets which resulted in the overall tightening of credit availability. This financial calamity has not only had a domino effect in the financial markets and institutions of the United Kingdom but its tremors are being felt across the globe. It was the impact of this crisis that led to the controversial nationalisation of Northern Rock plc which relied heavily on the wholesale market for funds ; the more recent state ownership of Royal Bank of Scotland and the merger of Lloyds and HBOS plc. All of which have left regulators, bankers and customers in a state of disorder. This paper will discuss the financial regulatory framework that was set up by the Labour Government in 1997 and outline its weaknesses that came into light during the recent crisis. Further, it will take the stance that t......
Word Count: 2119
Page Count: 8.4 (250 words a page / double spaced)
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