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By Dalvinder Singh

Dalvinder Singh offers an interdisciplinary research of the criminal points of prudential supervision of monetary financial institution conglomerates. this offers the reader a broader realizing of the middle tactics of banking supervision. through the use of the united kingdom as a case examine, a comparative method is made with different international locations akin to the USA to demonstrate the several methods of regulating a 'deregulated market'. the writer examines the theoretical, financial, political and coverage concerns that underpin the aim of prudential supervision. those views are awarded interchangeably to demonstrate the real facets of banking supervision. An research is made up of the $64000 gains of prudential supervision comparable to, company governance, enforcement sanctions, the function of exterior auditors and responsibility of economic regulators. those are thought of within the context of broad-policy issues which render prudential supervision helpful, particularly monetary balance and depositor security. The booklet may be of curiosity to lecturers, policymakers, regulators and practitioners. both, the paintings will serve expert undergraduate and postgraduate programmes in economics, legislations and administration which specialise in monetary legislation.

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The criticism levelled at the FSA needs to be put into some form of context. The FSA had not, at the time, put into place its single regulatory regime, which may have led to a more efficient way of dealing with the problems associated with Equitable Life. Indeed, the Parliamentary Ombudsman concluded that the FSA’s acts or omissions did not amount to maladministration in its investigation into the matters arising from the débâcle. 179 This will help to ensure that the expectations gap between the returns consumers can anticipate and the promises made by insurance providers about potential returns is better aligned to reduce the likelihood of another débâcle such as this.

R. (1988) ‘The myth of competition in the dual banking system’, Cornell Law Review, vol. 73, 677. For a critique of some of the limits of the dual banking system, in particular the utility of state involvement in banking regulation and supervision, see Wilmarth, A. E. (1990) ‘The expansion of state bank powers, the Federal response, and the case for preserving the dual banking system’, Fordham Law Review, vol. 58, 1113, at pp. 1239–1255. 187 Redford, E. S. (1966) ‘Dual banking: A case study in federalism’, Law and Contemporary Problems, vol.

709. , at p. 725. Financial Services Authority (2004) ‘FSA statement on the Equitable Life inquiry FSA/ PN/022/2004’, press release, 8 March. 180 Indeed, the sheer number of participants and their competition for business results in more confusion rather than assisting consumers with making better choices between financial products. 181 It places heavy criticism on the shoulders of firms, which it considers have generally failed to reduce the informational asymmetry between consumers and providers in marketing their products, and highlights the reluctance of firms to rectify problems when mis-selling is evident and provide compensation in a timely manner.

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