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It has been revealed that the Chancellor Alistair Darling held talks with some of the UK largest banks yesterday in a bid to try and avert a banking crisis in the UK. The meeting was attended by...
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Sunday 20th July 2008
While the cornerstone of the free market concept is the fact that while there are boundaries there are very few barriers to entry and regulators only become involved when required – a kind of hands off approach as oppose to hands on. Commonly know as self regulation, the finance sector is one such sector which has benefitted from this trend for decades, but is it starting to unravel? Are we approaching the end of self regulation?
One of the main areas of the finance industry which has used self regulation as it should is the stock market, but recently the theory has been looking a little strained. Unusually share price movements, small shareholders being kept in the dark and similar such episodes have seen the regulators take more note and the government flex its muscles.
In all honesty, areas such as the stock market and the City have always been the target of the regulators and government officials but until lately they have not been able to erode the principle of self regulation as much as hoped. However, the Northern Rock debacle and the bank charges saga may well see the regulators take a more hands on role in the future.
While self regulation is not dead, it has certainly been caught by an arrow in the back. |
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