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15 November 2007
Issue: 7297 / Categories: Features , Regulatory
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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

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MOVERS & SHAKERS

Taylor Rose—Jessica Draganescu & Emily Hewlett

Taylor Rose—Jessica Draganescu & Emily Hewlett

Firm strengthens growth strategy and group litigation capability with senior hires

Farrer & Co—Richard Lane

Farrer & Co—Richard Lane

Londstanding London firm appoints new senior partner

Bird & Bird—Sue McLean

Bird & Bird—Sue McLean

Commercial team in London welcomes technology specialist as partner

NEWS
Pathfinder courts—renamed ‘Child focused courts’—are to be rolled out nationally, following a successful pilot where backlogs halved and cases were resolved up to seven and a half months faster
The Court of Appeal has unanimously dismissed a £385,000 costs order against a father, in a case that centred on what is required to meet the threshold of ‘reprehensible or unreasonable’ behaviour
Centuries-old burial laws would be overhauled, under Law Commission proposals to address the burgeoning problem of shortage of cemetery space
The government has committed an extra £32m to women’s charities and services tackling addiction, trauma, abuse and homelessness
The Financial Ombudsman is poised for major reform to return it to a simple, impartial dispute resolution service
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