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Retail depositors, conduct of business and sanctioning

Peter Cartwright (School of Law, University of Nottingham, Nottingham, UK)

Journal of Financial Regulation and Compliance

ISSN: 1358-1988

Article publication date: 24 July 2009

471

Abstract

Purpose

The purpose of this paper is to consider whether a move from self‐regulation in the form of the Banking Code to statutory regulation by the Financial Services Authority (FSA) of retail banking conduct of business is to be supported.

Design/methodology/approach

The paper begins by examining the nature of the self‐regulatory process and then considers its strengths and weaknesses in the context of the Banking Code. It then looks at the changes proposed by the FSA. Focusing in particular on the issue of enforcement, the paper contrasts the powers of the Banking Code Standards Board and the FSA.

Findings

The paper concludes that, while a move to statutory regulation is to be supported, there is concern about whether such a move will bring the benefits that might have been expected.

Practical implications

More attention needs to be paid to the ways that different forms of regulation operate in practice, with empirical research particularly valuable.

Originality/value

The paper adds to the (relatively brief ) literature on consumer protection in banking, and the even briefer body of research on self‐regulation.

Keywords

Citation

Cartwright, P. (2009), "Retail depositors, conduct of business and sanctioning", Journal of Financial Regulation and Compliance, Vol. 17 No. 3, pp. 302-317. https://doi.org/10.1108/13581980910972241

Publisher

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Emerald Group Publishing Limited

Copyright © 2009, Emerald Group Publishing Limited

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