header-logo header-logo

15 November 2007
Issue: 7297 / Categories: Features , Regulatory
printer mail-detail

Regulatory Column

northern rock: the aftermath >>
CODE OF PRACTICE FOR REGulATORS >>
MEDICAL PROFESSION REGULATION >>

financial regulation—does the system work?

The events surrounding the first modern run on a British bank have put the Financial Services Authority (FSA) rudely back into the spotlight after a period of quiet reorganisation and reflection by the UK’s financial regulator. Until the Northern Rock drama unfurled, the FSA was confidently rolling out its new risk-based approach to regulation while streamlining its workforce. The reforms were generally met with approval and the FSA was praised for the new emphasis on the “light touch” and for its devolution of responsibility to the regulated community. At the same time, London was busily being feted as the world’s No 1 financial centre and all seemed well from the regulator’s vantage point in Canary Wharf.

The French have a particular saying involving soup and the devil. The gist is that once you have made yourself a nice soup, Beelzebub has a habit of spoiling it. In essence, the Northern Rock affair seems to have been a

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Hugh James—Jonathan Askin

Hugh James—Jonathan Askin

London corporate and commercial team announces partner appointment

Michelman Robinson—Daniel Burbeary

Michelman Robinson—Daniel Burbeary

Firm names partner as London office managing partner

Kingsley Napley—Jonathan Grimes

Kingsley Napley—Jonathan Grimes

Firm appoints new head of criminal litigation team

NEWS
Hugh James has secured 500 places on King’s College London’s new AI Literacy for Law course as part of a major firm-wide push to strengthen its responsible use of generative artificial intelligence
The criminal courts will sit to their maximum capacity next year, after the Lord Chancellor David Lammy lifted the cap on Crown Court sitting days
The Lord Chancellor David Lammy has set out his plans for ‘Blitz courts’, a national listing framework and other elements of the Leveson reforms
A former Commerzbank analyst has been sentenced to eight months in prison for lying during an employment tribunal hearing
The Information Commissioner’s Office (ICO) has joined with 60 data protection authorities from around the world to call for ‘urgent regulatory attention’ to the dangers of artificial intelligence (AI)
back-to-top-scroll