By Peter Cartwright
Contemporary advancements in legislation, public coverage, and rules have ensured that questions concerning the courting among banks and their clients have seldom been out of the highlight. this crucial e-book offers a well timed, unique, and demanding exam of the function of the legislations in regulating banks within the pursuits of the patron. The paintings examines the social and monetary rationales for, and the ambitions of, banking law. In so doing, it specializes in the the most important function of rules within the defense of the patron. The e-book then offers a severe appraisal of the valuable thoughts during which rules is introduced and safety ensured. Such concepts contain earlier approval via licensing, endured supervision, and data treatments reminiscent of disclosure. The paintings additionally appears to be like at how the legislation protects depositors of bancrupt banks via monetary repayment schemes, and the way it offers client redress via mechanisms for making sure entry to justice, particularly ombudsmen. eventually, the e-book seems on the topical query of shopper entry to banking providers, and considers the level to which the legislation can justify putting social duties on banks within the buyer curiosity. this can be the 1st monograph to ascertain those vital subject matters during this approach.
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126. 24. 92 I Ramsay, above n 43 at 53. 93 See O O’Neill, A Question of Trust BBC Reith Lectures 2002 (Cambridge, Cambridge University Press, 2002). 30 Banks, Consumers and Regulation justifications for intervention. An additional point to bear in mind is that it is possible to argue that the assumptions upon which market-based thinking are founded are misconceived. It was argued above that perfect markets could be argued to work on the assumption that consumers are sovereign rational maximisers of their own utility.
158 Goodhart, above n 19 at 451. 44 Banks, Consumers and Regulation Even in the absence of the first principle, it is clear that the FSA is eager to explain that its task is not to ensure the absence of firms failing, and that it is not primarily responsible for firms’ mistakes. Ensuring that it is management that takes responsibility for firms’ decision-making is closely connected with good principles of corporate governance, transparency and market discipline. This has been recognised at an international level.
The FSA does set out some other ways of assessing whether its regulatory decisions are reasonable. See Financial Services Authority, A New Regulator for the New Millennium (FSA, January 2000) Appendix 3. 2. 99 A Whittaker, ‘Architecture for the New Single Regulator’ lecture at IALS, 1999, cited in Lastra and Shams above n 97 at 195. 100 C Mayer, ‘Regulatory Principles and the Financial Services and Markets Act 2000’ in Ferran and Goodhart (eds), Regulating Financial Services and Markets, above n 97 at 26.
Banks, Consumers and Regulation by Peter Cartwright