Citizen's financial futures: the regulation of retail investment financial services in Britain
This book reviews recent changes in the regulation of retail financial investment services and products, notably the creation of the Personal Investment Authority and the continuing roles of the Office of Fair Trading and the Securities and Investments Board. The attempt to establish new regulatory standards in the wake of the personal pensions mis-selling and other scandals are critically appraised in the light of evidence of the needs and capacities of citizens. It is concluded, first that the regulators have not succeeded in making more than limited progress in preventing the tendencies of the industry to abuse the public; and secondly that the model of regulatory effectiveness which they espouse, based on creating a competitive market of informed decision-makers, is inappropriate given the complexity of the products in question. No systematic appraisal of the development of retail financial services regulation exists, other than those conducted by the regulators themselves.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Market Changes and Customer Abuse
The Road to the PIA
4 other sections not shown
Abbey National accepted achieve afﬂuence bancassurance banks basis beneﬁts best advice boom building societies caveat emptor cent chapter charges chief executive client commission companies compensation competence competition compliance concem conﬁdence consumer costs demutualization developed difﬁculties direct sales forces disclosure DSFs eamings effective endowment endowment mortgage endowment policies established fact ﬁnd ﬁgures FIMBRA ﬁnal ﬁnally ﬁnance ﬁnancial advisers ﬁnancial security ﬁnancial services industry ﬁnes ﬁrms ﬁrst ﬁve fund further govemment hence identiﬁed IFAA IFAs impact IMRO increased increasingly inﬂation investment investors issue Jebens LAUTRO lenders levels matters Money Marketing mortgage occupational schemes offer ofﬁcer ofﬁces ombudsman pensions mis-selling personal pensions problem product providers professional bodies proﬁts Prudential qualiﬁcation rates redress reﬂected regulation regulatory regime retail retum risk sales staff savings sector seller selling signiﬁcant speciﬁc SROs standards substantial Table tied agents unit trusts