The incoming Labour administration in 1997 caused a stir when it gave the Bank of England additional monetary policy powers but removed the Bank's powers to regulate banking. Up till 1997, banking regulation had been the function of the Bank of England while other areas of financial services had...

This paper focuses on how the external auditor can assist the FSA through two of its principal regulatory tools in the FSA's response to risk, namely supervision and enforcement. The external auditor has a vital role as a supervisory tool in reporting certain matters as obliged by the Financial...

Why are some global financial crises more difficult to recover from and overcome than others? What steps are necessary in ensuring that financial stability and recovery is facilitated? What kind of environment has the previous financial environment evolved to and what kind of financial products...

Despite Basel III's efforts to address capital and liquidity requirements, will the risks linked to regulatory arbitrage increase as a result of Basel III's more stringent capital and liquidity rules?As well as Basel III reforms which are geared towards greater facilitation of financial...

During the recent Financial Crisis, as well as the 2010 and ongoing European Sovereign Debt Crisis, several governments had/have had to raise their debt levels in order to stabilize their economies. The principal problem attributed to sovereign debts, which is linked to their characteristics, is...

The use of complex and sophisticated financial instruments, such as derivatives, in the modern financial environment, has triggered the emergence of new forms of risks. As well as the need to manage such types of risks, this paper investigates developments which have instigated the Basel...

Up until 1989, there existed “the Big Eight” accountancy firms namely the eight major international accountancy firms, Arthur Young (AY), Ernst & Whinney (EW), Deloitte Haskins & Sells (DHS) ,Touche Ross (TR), Price Waterhouse, Coopers and Lybrand, Arthur Andersen and KPMG. At present, there...

This paper considers the need for a more pro active approach which facilitates greater on site work being carried out by supervisors - as highlighted in the Legal and General Case. It also considers the recommendations made to the UK's regulator - the FSA, and in particular to the FSA Board,...

The introduction of traditional policies to provide “additional monetary stimulus” in the aftermath of the recent Financial Crisis has been instigated by central banks such as Danmarks Nationalbank (DN), the European Central Bank (ECB), Sveriges Riksbank, the Swiss National Bank (SNB) and...