The 1986 Financial Services Act (FSA), operational since the end of April 1988, was an Act designed to protect investors from “cowboys” such as life insurance salesmen whose interests do not extend beyond their commission cheques, and offshore investment companies who fail to keep proper accounts. This image lies in sharp contrast to the large established institutions who, under the avowedly self‐regulatory regime, have important responsibilities for ensuring high standards among their staff and representatives. In this brief polemic we explore the validity of this contrast since we do not believe it is simply stereo‐typical cowboys who threaten the investor, and question whether, even within the limited terms of this stereotype, the Act can be seen as effective in the sphere of collective investment products. In providing this account we draw upon our academic research into the financial services industry.
CitationDownload as .RIS
MCB UP Ltd
Copyright © 1990, MCB UP Limited