header-logo header-logo

Home Login E-newsletter About us
01 May 2008 / Dr Nicholas Ryder
Issue: 7319 / Categories: Features , Regulatory , Banking , Commercial
printer mail-detail

An unhappy coupling

© Copyright LexisNexis 2026. All Rights Reserved.

The FSA and Northern Rock - where did it go wrong? Dr Nicholas Ryder

Three weeks after its election victory, the new Labour government announced in May 1997 that work would begin on the reform of the Financial Services Act 1986. The government sought to implement a new financial regulatory regime which would set basic standards and prevent systematic failure. The proposals were contained in the Financial Services and Markets Bill 1998, which contained three important features:

·                                   

●     The creation of a single financial regulatory authority, which would have a clearly defined set of statutory objectives, functions and powers;

·                                   

●     the historic role of the Bank of England was to be revised; and

·                                   

●     the principle of self-regulation was to be abandoned.

The Financial Services and Markets Act 2000 (FSMA 2000) provided a single statutory framework for the Financial Services Authority (FSA). Under the Act, the FSA regulates and authorises members of the regulated sector

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

Read All
Sponsored by
Switalskis—Naila Arif, Harriet Findlay & Ellie Thompson

Switalskis—Naila Arif, Harriet Findlay & Ellie Thompson

Firm awards training contracts to paralegals through internal programme

Ward Hadaway—Matthew Morton

Ward Hadaway—Matthew Morton

Private client disputes specialist joins commercial litigation team

Thomson Hayton Winkley—Nina Hood

Thomson Hayton Winkley—Nina Hood

Cumbria firm appoints new head of residential property

NEWS
Read All
NLJ this week: Divorce ‘nuclear weapon’ freezes assets but entangles outsiders
Freezing orders in divorce proceedings can unexpectedly ensnare third parties and disrupt businesses. In NLJ this week, Lucy James of Trowers & Hamlins explains how these orders—dubbed a ‘nuclear weapon’—preserve assets but can extend far beyond spouses to companies and business partners 
NLJ this week: What counts as ‘rent’? Court says labour alone won’t do
A Court of Appeal ruling has clarified that ‘rent’ must be monetary—excluding tenants paid in labour from statutory protection. In this week's NLJ, James Naylor explains Garraway v Phillips, where a tenant worked two days a week instead of paying rent
NLJ this week: Freed but failed—justice system leaves the innocent empty-handed
Three men wrongly imprisoned for a combined 77 years have been released—yet received ‘not a penny’ in compensation, exposing deep flaws in the justice system. Writing in NLJ this week, Dr Jon Robins reports on Justin Plummer, Oliver Campbell and Peter Sullivan, whose convictions collapsed amid discredited forensics, ‘oppressive’ police interviews and unreliable ‘cell confessions’
NLJ this week: Clarity on whistleblowing, settlements and tribunal limits
A quiet month for employment cases still delivers key legal clarifications. In his latest Employment Law Brief for NLJ, Ian Smith reports that whistleblowing protection remains intact even where disclosures are partly self-serving, provided the worker reasonably believes they serve the ‘public interest’ 
NLJ this week: Family law urged to ditch adversarial instincts
Family law must shift from conflict-driven litigation to child-centred problem-solving, according to a major new report. Writing in NLJ this week, Caroline Bowden of Anthony Gold outlines findings showing overwhelming support for reform, with 92% agreeing lawyers owe duties to children as well as clients
Copyright © 2026 LexisNexis
back-to-top-scroll