TITLE

The role of third parties in banking regulation and supervision

AUTHOR(S)
Singh, Dalvinder
PUB. DATE
March 2003
SOURCE
Journal of International Banking Regulation;Mar2003, Vol. 4 Issue 3, p275
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
A trend has emerged towards a 'single financial regulator' to enhance the efficiency with which financial conglomerates are regulated and supervised. The UK is no exception: it has established the Financial Services Authority (FSA) md introduced the Financial Services and Markets Act 2000 (FSMA 2000). The introduction of a single regulator does not necessarily mean that gaps in a financial regulation and supervision are filled! This paper will focus on one aspect of a single regulator: the role of third parties (accountants) in the governance of 'regulated firms'. The paper will outline the role of both the external auditors and reporting accountants in the UK, which are governed by FSMA 2000. The dual role of 'accountants' can give rise to conflicts of interest and these can undermine their contribution to regulatory decision making. For example, their interests seek to protect commercial profits, safeguard shareholder interests, and protect investors and depositors. It will be shown that commercial interests inevitably override those interests of a public nature.
ACCESSION #
9161544

 

Related Articles

  • HOLD-UP AT THE BANK. Vaux, Gary // Community Care;2/20/2003, Issue 1460, p41 

    Presents information on basic bank accounts provided by banks in Great Britain. Number of banks with which the Post Office entered into a partnership to act as agents for the accounts; Leaflet issued by the Financial Services Authority.

  • Seven-day payout target for FSCS. Holt, Natalie // Mortgage Strategy;7/27/2009, p8 

    The article reports that the Financial Services Authority (FSA) has established the Financial Services Compensation Scheme (FSCS) to pay claims within seven days in Great Britain. The FSCS guidelines will help consumers in savings accounts and loans with the same bank before compensation is paid...

  • �750k fine for BoS fund admin failure. Gallagher, Rosemary // Money Marketing;2/20/2003, p8 

    Reports that the Bank of Scotland has been fined by the British Financial Services Authority (FSA) for failures in administering the bank's Pep and Isa funds between November 1999-August 2001. Amount of fine required by FSA from the bank.

  • Is regulator fit and proper?  // Money Marketing;7/12/2012, p24 

    The article raises the question of whether the Financial Services Authority (FSA) in Great Britain is appropriate for its job, as the government is set to make an attempt to restore the faith of the public in the British banking system as a consequence of the rate-fixing scandal as of July 2012.

  • FSA willing to relax controls to help new lenders into the UK market. Dale, Samuel // Mortgage Strategy (Online Edition);10/29/2012, p14 

    The article focuses on the intention of the British Financial Services Authority (FSA) to relax rules for new banking entrants to make it easier for them to gain authorisation, announced in October 2012.

  • FCA shakes up approval process for new banks. Holt, Natalie // Mortgage Strategy (Online Edition);7/24/2013, p1 

    The article reports that the British Financial Conduct Authority (FCA) has introduced two options for authorization of would-be banks, with one option allowing banks to defer incurring the cost of setting up the business until authorization has been given.

  • Banks criticised for excess profits and uncompetitive behaviour. Wickham, Hugo // Management Accounting: Magazine for Chartered Management Account;May2000, Vol. 78 Issue 5, p3 

    Criticizes the banking industry in Great Britain for its uncompetitive behavior and excess profits. Response of the industry to the criticisms; Investigation conducted by Great Britain's Financial Services Authority into the steep rise in unsecured personal lending by banks; Virtual banking in...

  • Forbearance being used to hide arrears, says FSA. Thomas, Natalie // Mortgage Strategy;5/9/2011, p4 

    The article reports on the issuance of guidance consultation by the Financial Services Authority (FSA) in Great Britain for lenders and mortgage administrators, which indicates that forbearance to misreport the impairment condition of the account book will face some consequences.

  • FSA plans to probe financial reporting by IFAs. Boles, Corey // Money Marketing;6/19/2003, p1 

    Reports on the plan of the Financial Services Authority (FSA) to review the financial reporting of independent financial advisers Great Britain in a bid to increase the chances that it would have advance warning of financial problems. Desire of FSA to ensure compliant financial reporting;...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics