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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Citizens' Financial Futures

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Michael ClarkeUniversity of Liverpool

ISBN13: 9781840141177
ISBN: 1840141174
Published: February 2000
Publisher: Ashgate Publishing Ltd
Format: Hardback
Price: Out of print

This is a review of 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 is critically appraised in the light of evidence of the needs and capacities of citizens. The book concludes, firstly that the regulators have not succeeded in making more than a 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.

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The problem; the foundation of the new regulatory regime - failure to achieve control; market changes and consumer abuse; the road to the PIA; the training and competence of financial advisors; regulatory failure in living colour - Knight Williams; investors.