Regulating Financial Advisers in the UK: Lessons for Australia

2021 ◽  
Vol 44 (1) ◽  
Author(s):  
Weiping He ◽  
Han-Wei Liu
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Best Interests ◽  
Regulatory Regime ◽  
Australian Government ◽  
Financial Advice ◽  
The United Kingdom ◽  
Self Interest ◽  
The Uk

Prompted by the 2008 Global Financial Crisis, the Australian government introduced?the Future of Financial Advice reforms in 2013. It aimed to improve the quality of financial advice by virtue of a best interests duty and a ban on conflicted remuneration,?inter alia. Despite the reforms, public trust in financial advisers remains unacceptably low. Adviser misconduct, driven by conflicted self-interest, remains prevalent. By contrast, there is relatively greater trust in financial advisers in the United Kingdom (‘UK’). This article focuses on how the UK regulates financial advisers, where the best interests duty and suitability rule also apply. The analysis that follows is confined to the legislative text. The UK regulatory regime offers directions and possibilities for further Australian reforms.

15 Litigation and Enforcement involving Private Funds after the Global Financial Crisis

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Crisis ◽  
Hedge Funds ◽  
Global Financial Crisis ◽  
Private Investment ◽  
The United States ◽  
Regulatory Regime ◽  
Investment Funds ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk

This chapter focuses on the increase in the amount of litigation and enforcement actions against private investment funds in the United States, the UK, and across the globe as a result of the global financial crisis. As more disputes arose during the course of the global financial crisis, the legal and regulatory regime impacting private investment funds has been the subject of closer scrutiny than has been seen in previous decades. The chapter first considers the Securities and Exchange Commission’s (SEC) enforcement actions against hedge funds as well as U.S. civil litigation prior to the financial crisis before discussing Dodd-Frank and its effect on enforcement. It then examines the SEC’s enforcement actions regarding broker-dealer registration, along with some of its key enforcement actions after Dodd-Frank. It also analyses the Financial Conduct Authority’s enforcement priorities after the global financial crisis and key litigation in the UK involving private investment funds.

Legislative and regulatory responses to the global financial crisis from within the United Kingdom

2014 ◽  
Vol 21 (2) ◽  
pp. 124-148 ◽  
Author(s):  
Graeme Baber
Keyword(s):  
United Kingdom ◽  
Financial Crisis ◽  
Design Methodology ◽  
Global Financial Crisis ◽  
The European Union ◽  
Content Type ◽  
The United Kingdom ◽  
Economic Statistics ◽  
The Global Financial Crisis ◽  
The Uk

Purpose – The purpose of this paper is to report and review the legislative and regulatory responses to the global financial crisis (GFC) from within the United Kingdom (UK). Design/methodology/approach – The paper observes aspects of the effect of the GFC within the UK, using economic statistics and institutional case studies. It summarises the laws that the European Union (EU) and the UK have produced in the wake of the crisis and recommends approaches to be taken from this point. Findings – The regulators are putting in place a comprehensive, integrated framework, much of which is sensible in its content. However, this structure will be insufficient to re-establish the effective operation of the financial sector, unless firms comply with the rules and a “relationship culture” is developed. Research limitations/implications – It is not yet clear how the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will perform and coordinate. Originality/value – The paper presents a comprehensive review of relevant EU and UK legislation, thereby bringing readers up to date with the situation in the UK.

Economic Patriotism After the Crisis: Explaining Continuity and Change in European Securities Enforcement

2018 ◽  
Author(s):  
Chase Foster
Keyword(s):  
Financial Crisis ◽  
Insider Trading ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Financial Supervision ◽  
Financial Centre ◽  
Continuity And Change ◽  
Financial Interests ◽  
Mixed Pattern ◽  
The Uk

Since the global financial crisis, European governments have sought to intensify the supervision of financial markets. Yet, few studies have empirically examined whether regulatory approaches have systematically shifted in the aftermath of the crisis, and how these reforms have been mediated by longstanding national strategies to promote domestic financial interests in the European single market. Examining hundreds of enforcement actions in three key European jurisdictions, I find a mixed pattern of continuity and change in the aftermath of the crisis. In the UK, aggregate monetary penalties and criminal sanctions have skyrocketed since 2009, while in France and Germany, the enforcement pattern suggests continuity, with both countries assessing penalties and prosecuting insider trading at similar rates before and after the crisis. I conclude that financial regulation is still structured by longstanding industrial strategies (Story and Walter, 1997), but where pre-existing regulatory approaches were seen as contributing to the crisis, a broader regulatory overhaul has been pursued. Thus, in the UK, where the financial crisis served as a direct rebuke to the country’s “light touch” regulation, financial supervision was overhauled, and monetary sanctions dramatically increased, to preserve London’s status as an international financial centre. By contrast, in France and Germany, where domestic regulatory systems were implicated by the financial crisis, domestic securities supervision and enforcement was less dramatically altered. While the crisis has led to the further institutionalization of European-level supervisory institutions, these changes have not yet led to convergence in national regulatory approaches.   Full text available at: https://doi.org/10.22215/rera.v12i1.1233

scholarly journals The impact of symptoms on quality of life before and after diagnosis of coeliac disease: the results from a Polish population survey and comparison with the results from the United Kingdom

2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Emilia Majsiak ◽  
Magdalena Choina ◽  
Dominik Golicki ◽  
Alastair M. Gray ◽  
Bożena Cukrowska
Keyword(s):  
Quality Of Life ◽  
United Kingdom ◽  
Coeliac Disease ◽  
Gluten Free Diet ◽  
Gluten Free ◽  
The United Kingdom ◽  
Before And After ◽  
The Mean ◽  
The Uk

Abstract Background Coeliac disease (CD) is characterised by diverse clinical symptoms, which may cause diagnostic problems and reduce the patients’ quality of life. A study conducted in the United Kingdom (UK) revealed that the mean time between the onset of coeliac symptoms and being diagnosed was above 13 years. This study aimed to analyse the diagnostic process of CD in Poland and evaluate the quality of life of patients before and after CD diagnosis. In addition, results were compared to the results of the original study conducted in the UK. Methods The study included 2500 members of the Polish Coeliac Society. The patients were asked to complete a questionnaire containing questions on socio-demographic factors, clinical aspects and quality of life, using the EQ-5D questionnaire. Questionnaires received from 796 respondents were included in the final analysis. Results The most common symptoms reported by respondents were bloating (75%), abdominal pain (72%), chronic fatigue (63%) and anaemia (58%). Anaemia was the most persistent symptom, with mean duration prior to CD diagnosis of 9.2 years, whereas diarrhoea was observed for the shortest period (4.7 years). The mean duration of any symptom before CD diagnosis was 7.3 years, compared to 13.2 years in the UK. CD diagnosis and the introduction of a gluten-free diet substantially improved the quality of life in each of the five EQ-5D-5L health dimensions: pain and discomfort, anxiety and depression, usual activities, self-care and mobility (p < 0.001), the EQ-Index by 0.149 (SD 0.23) and the EQ-VAS by 30.4 (SD 28.3) points. Conclusions Duration of symptoms prior to the diagnosis of CD in Poland, although shorter than in the UK, was long with an average of 7.3 years from first CD symptoms. Faster CD diagnosis after the onset of symptoms in Polish respondents may be related to a higher percentage of children in the Polish sample. Introduction of a gluten-free diet improves coeliac patients’ quality of life. These results suggest that doctors should be made more aware of CD and its symptoms across all age groups.

scholarly journals Migration infrastructures and the production of migrants’ irregularity in Japan and the United Kingdom

2021 ◽  
Vol 9 (1) ◽  
Author(s):  
Nando Sigona ◽  
Jotaro Kato ◽  
Irina Kuznetsova
Keyword(s):  
Legal Status ◽  
Qualitative Interviews ◽  
Legal Violence ◽  
The United Kingdom ◽  
The Social ◽  
Access And Quality ◽  
The Uk ◽  
The Impact

AbstractThe article examines the migration infrastructures and pathways through which migrants move into, through and out of irregular status in Japan and the UK and how these infrastructures uniquely shape their migrant experiences of irregularity at key stages of their migration projects.Our analysis brings together two bodies of migration scholarship, namely critical work on the social and legal production of illegality and the impact of legal violence on the lives of immigrants with precarious legal status, and on the role of migration infrastructures in shaping mobility pathways.Drawing upon in-depth qualitative interviews with irregular and precarious migrants in Japan and the UK collected over a ten-year period, this article develops a three-pronged analysis of the infrastructures of irregularity, focusing on infrastructures of entry, settlement and exit, casting a comparative light on the mechanisms that produce precarious and expendable migrant lives in relation to access to labour and labour conditions, access and quality of housing and law enforcement, and how migrants adapt, cope, resist or eventually are overpowered by them.

scholarly journals Managing Risk Integration for Performance Orientation among Malaysian Firms

2018 ◽  
Vol 12 (1) ◽  
pp. 119
Author(s):  
Michael Tinggi ◽  
Shaharudin Jakpar ◽  
Ng Kim Hui
Keyword(s):  
Risk Management ◽  
Financial Crisis ◽  
Business Processes ◽  
Global Financial Crisis ◽  
Random Effect ◽  
Financial Risks ◽  
Performance Orientation ◽  
Managing Risk ◽  
Corporate Level

The study is potentially, to explore the effect of discounting for risk on performance of firms listed in Malaysian stocks&rsquo; market. Risk management has been part of the corporate philosophy in maximizing shareholders&rsquo; wealth and firms&rsquo; profit. Managing risk cannot be done in isolation. Too often common risks pertinent to operation, liquidity and financing may be taken for granted by many firms. Risks exist on stand alone, but its implication may negatively severe firms&rsquo; performance if not addressed or dealt with properly. Integrating and managing risks may potentially improve the quality of business processes, which may orientate towards attaining firms&rsquo; performance at the corporate level. The 2007 global financial crisis has incidentally highlighted the importance of integrating and managing risk and its effect on business. Empirical evidences from the Panel Random Effect (RE) analysis of the above companies showed that the firm&rsquo;s ability to manage and integrate operating, liquidity, and financial risks steer the firms towards performance orientation.

scholarly journals An Evaluation of the Efficacy of LED Light Curing Units in Primary and Secondary Dental Settings in the United Kingdom

2021 ◽  
Author(s):  
A Altaie ◽  
MA Hadis ◽  
V Wilson ◽  
MJ German ◽  
BR Nattress ◽  
...  
Keyword(s):  
Light Output ◽  
Led Light ◽  
The United Kingdom ◽  
Dental Practices ◽  
Light Curing ◽  
Blue Phase ◽  
And Performance ◽  
The Uk ◽  
Post Hoc

SUMMARY Objective: This study aimed to evaluate the irradiance and the quality of LED light curing units (LCUs) in primary and secondary clinics in the UK and to assess the effect of damage, contamination, use of protective sleeves, and distance of light tips to target on the irradiance and performance of LCUs. Methods: The irradiance levels (mW/cm2) of 26 LED LCUs from general dental practices and 207 LED LCUs from two dental hospitals were measured using a digital radiometer (Blue Phase II, Ivoclar, Vivadent, Amherst, NY). Ten LED light guide tips (Satelec Mini, Acteon, Merignac, France) were selected to evaluate the effect of chipping, contamination (tip debris), and use of protective sleeves and tips to sensor distance on irradiance (mW/cm2) using a MARC Resin Calibrator (Blue Light Analytics, Halifax, Canada). Homogeneity of the light output was evaluated using a laser beam profiler (SP620; Ophir-Spiricon, North Longan, UT, USA). Statistical analysis was conducted using a one-way analysis of variance (ANOVA) with post hoc Tukey test (α=0.05) and linear regression with stepwise correlation tests. Results: Thirty-three percent of the LCUs delivered irradiance output less than 500 mW/cm2. The condition of the light curing tips was poor, with 16% contaminated with resin debris, 26% damaged, and 10% both contaminated and damaged. The irradiance output was significantly reduced in contaminated (62%) and chipped (50%) light curing tips and when using protective sleeves (24%) (p&lt;0.05). Irradiance was also reduced when increasing the distance with 25% and 34% reduction at 7 mm and 10 mm, respectively (p&lt;0.05). Conclusion: There remains a lack of awareness of the need for regular monitoring and maintenance of dental LCUs. Damaged and contaminated light curing tips, use of protective sleeves, and increasing the distance from the restoration significantly reduced the irradiance output and the performance of the LCUs.

Home and Away. The Enlistment of Australian, Canadian, New Zealand, and South African Men in Dominion Expeditionary Forces in the United Kingdom during the Great War

Itinerario ◽  
2014 ◽  
Vol 38 (3) ◽  
pp. 45-58
Author(s):  
John Connor
Keyword(s):  
United Kingdom ◽  
New Zealand ◽  
South African ◽  
British Empire ◽  
Australian Government ◽  
South Africans ◽  
The United Kingdom ◽  
Canadian Citizenship ◽  
The Uk ◽  
The Great War

On the outbreak of war, men from the Dominions were scattered across the British Empire. As each Dominion began recruiting their expeditionary forces at home, the issue arose whether these expatriates, especially those resident in the United Kingdom, should join the British Army or be able to enlist in their Dominion's force. Canada and New Zealand allowed recruiting for the CEF and NZEF in the UK. Many Anglophone White South Africans joined a “colonial” battalion of the Royal Fusiliers. The Australian Government refused to allow Australians in the UK to join the AIF, despite the repeated requests of the Australian expatriate community. This paper examines the questions of British and sub-Imperial Dominion identities as well as the practical policy considerations raised by this issue. It argues that there is some evidence of nascent Dominion nationalism—the Canadian High Commission in London issued what became known as “a Certificate of Canadian Citizenship” to expatriates— but that Dominion Governments generally based their decisions on this issue based on cost and domestic political considerations.

The changing landscape of local authority commissioning

2020 ◽  
pp. 177-196
Author(s):  
Dave Ayre
Keyword(s):  
Academic Research ◽  
The European Union ◽  
Public And Private ◽  
The United Kingdom ◽  
Health And Social Care ◽  
History Of ◽  
The Uk ◽  
Relationship Of ◽  
The Relationship

This chapter assesses the history of the relationship between public and private sectors and the extent to which the political and regulatory environment of governments and institutions such as the European Union (EU) can help or hinder the efforts of public bodies in seeking to deliver services that determine the health and quality of life for communities. The relationship of public and private sectors in the United Kingdom (UK) and the commissioning, procurement, and development of public–private partnerships is driven by the prevailing political and economic environment. However, rigorous academic research on the benefits of partnering to organisations, societies and between countries is limited. Evidence is needed to fill the policy vacuum. A bolder approach is necessary to work with public and private sectors to develop and implement successful partnering alternatives to the outsourcing of public services. The growing catalogue of outsourcing failures in construction, probation, rail franchising, health, and social care is creating an appetite for change, and the exit of the UK from the EU provides the opportunity.

Introduction: the landscapes of poverty and education across the UK

2020 ◽  
pp. 1-10
Author(s):  
Ian Thompson ◽  
Gabrielle Ivinson
Keyword(s):  
Young People ◽  
Educational Inequality ◽  
Well Being ◽  
Children And Young People ◽  
The United Kingdom ◽  
Context Specific ◽  
Social And Cultural Factors ◽  
The Uk ◽  
Different Parts

Poverty blights the lives of children and young people. Research has consistently shown that the most economically disadvantaged pupils across the United Kingdom (UK) have the poorest educational outcomes and that poverty has a pernicious effect on children’s well-being. However, far less is known about the ways that poverty is differentially experienced for children and young people in schools within the four jurisdictions of the UK. Are there historical, social and cultural factors that make poverty a postcode lottery in terms of quality of schooling in the different parts of the UK? Are successful local interventions context specific as the research evidence seems to suggest or can we learn from particular regions or cities? This introduction points out that anxieties about growing educational inequality in the UK have to be contextualised historically, geographically and in terms of the distinct political and socio-economic landscapes in England, Scotland, Wales and Northern Ireland.

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