By Brian Anderton (eds.)
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Extra info for Current Issues in Financial Services
1). The setting up costs for financial institutions needed to comply with the wide range of regulations written or re-written in the 1980s and I 990s - the Financial Services Act 1986, the Building Societies Act 1986, the Banking Act 1987, the Lloyd's of London Act 1982, the Insurance Companies Act I 982, the Friendly Societies Act 1992 and the Criminal Justice Act 1993 (which included provisions against insider dealing) - have never been thoroughly researched, but they are likely to have run into thousands of millions of pounds.
Ordinarily, with no such schemes, investors would shy away from those institutions seen to be taking on excessive risk (at least in theory, but remember that information asymmetries mean that many personal depositors would be unaware of excessive risk-taking). With these schemes available, however, financial institutions that actually seek out greater risk for a marginal return over their competitors will be rewarded by depositors placing their funds with the institution. There are still serious problems with the Investors Compensation Scheme (ICS).
J991 Jan. 1990 Jan. 5 10 15 Source: Compiled from Economic Progress Report, 184 (February 1988), p. 11. designated body, basically the Securities and Investments Board (Sffi), which can 'subcontract' the power to a number of trade associations, known as selfregulatory organisations (SROs), as we saw in Chapter 2. g. stockbroking. Capital Building societies need capital for a variety of reasons, for example as a cushion against mortgage arrears and default, and capital has traditionally stemmed from retained profits, now supplemented by subordinated debt and permanent interest bearing shares (PIBS), the latter being the approximate equivalent of company preference shares.