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The purpose of this paper is to investigate the jurisdictional expansion of audit into the area of UK financial regulation. The paper draws on the analytical framework of new audit spaces (Andon et al., 2014, 2015), which built on the concept of regulatory space (Hancher and Moran, 1989), and characterises this new audit space as regulatory work.

Through an intensive reading of a variety of publicly available documentary sources, the paper investigates the role of auditors and accountants in the reporting accountants’ and skilled persons’ regimes in the UK under the Banking Act 1987 and the Financial Services and Markets Act 2000.

The paper identifies a new audit space characterised as regulatory work, which is made up of three distinct phases (and suggests the recent emergence of a fourth phase), and considers the extent to which these phases of regulatory work share common themes across new audit spaces identified by Andon et al. (2015) as independence, reporting, accreditation and mediating.

The paper identifies a further jurisdictional expansion of audit into a new audit space, characterised as regulatory work.

Under the Financial Services and Markets Act 2000, the Financial Services Authority (FSA) is the single regulator of firms in the UK financial services industry. The Act grants extensive powers to the FSA such that it can impose by rules and regulations additional corporate governance requirements on firms in the financial services industry. The legislative and regulatory requirements also extend to individuals under the FSA approved persons' regime. The purpose of the paper is to examine this individualization of corporate governance.

The paper first explores the rise to significance of internal control and risk management in corporate governance and regulation, and links this to Beck's risk society and individualization theses. The extent of the individualization of corporate governance by the approved persons' regime is explored by examining three sources of evidence: the FSA's documents setting out the approved persons' regime; the initial perceptions about the implementation of the approved persons' regime from interviews with high‐level individuals in the financial services industry; and the outcomes of illustrative FSA enforcement actions against individuals.

The findings are that the FSA has developed a comprehensive and formidable apparatus for the individualization of corporate governance in the UK's financial services industry. It is argued that a discourse based on the interpretive evaluations of internal control and risk management may be replacing a discourse based on the quantitative techniques of management accounting, which may be characterised as the demise of the “calculating self” and the rise of the “auditable self”.

The FSA's approved persons' regime could be developed as a model for other areas of the private and public sectors, where for regulatory purposes it may be desirable to identify approved or official roles.

The ability of regulators to “make” corporate governance by rules and regulations is relatively unexplored. Also, the focus of corporate governance is on firms rather than individuals. The paper considers the extension of corporate governance from the firm to the individual that may be achieved by regulation.

The purpose of this paper is to summarize the Financial Services Authority's (FSA's) enforcement procedures pursuant to powers granted by the Financial Services and Markets Act 2000 (“FMSA”) to impose a variety of sanctions on firms and individuals for breaches of rules under FSMA and other legislation.

Describes FSA's approach to enforcement; how the FSA decides to commence an enforcement investigation; the FSA's powers to gather information and investigate; the FSA's policies and procedures on interviews; the FSA's policies on publicity; how a firm under investigation should involve both internal and external counsel; how the FSA decides to take enforcement action; the role of the Regulatory Decisions Committee (RDC); the FSA's power to prosecute criminal offenses; civil court proceedings, including injunctions, restitution orders, and insolvency proceedings; FSA disciplinary actions; the Statutory Notice Procedure; how the FSA issues decision notices; the role of the Tribunal; and settlement and mediation procedures.

The FSA is increasingly ready to commence enforcement proceedings and where necessary, impose significantly higher financial penalties than before in respect of rules breaches. While familiarity with the detailed procedural rules is important, it is not a substitute for the exercise of common sense and judgement. Each case is different. A final determination of the matter through settlement negotiations is strongly encouraged by the FSA.

An essential summary and reference guide to the FSA's enforcement powers and procedures especially relevant to senior management and to those in compliance who are dealing with actual or potential FSA enforcement action.

Highly-experienced allied health professionals have the opportunity to perform at the expert-level by sharing knowledge and skills with more junior staff, with the aim of upskilling the workforce. The study explored the current motivators, aspirations and the role of work in the life of highly-experienced practitioners, revealing factors that hinder or support them to further develop their own expertise and be inspiring role-models and mentors for less experienced staff.

Taking a grounded theoretical research design, we report on interviews with 45 allied health practitioners with at least seven years of professional experience from different professions and across organisational sectors. Transcripts were coded iteratively in conjunction with reviewing the literature, and cases were categorised to form a conceptual typology of work orientation.

Four work orientations are characterised capturing the diversity of the allied health workforce, particularly in relation to two dimensions of personal fulfilment and future ambition. The relationship between the types and expert-level performance is discussed, leading to recommendations for support that can be implemented to develop and sustain expert-level performance within a community.

A new view of work orientation is introduced that relates expert-level performance with meaningful work. The findings highlight a diversity of work orientation for highly-experienced allied health professionals, that all require managerial awareness. Once recognised, the four types would benefit from different supports that could develop and maintain expert-level performance in those that seek it. Alternatives are also available for those that do not. Implications for workforce policy are discussed.

The paper aims to offer an exploration of the Banking Act 1987 which was passed following the failure of Johnson Matthey Bankers (JMB) in 1984. This Act extended the role of auditors in banking supervision by removing traditional confidentiality constraints and created a new role of “reporting accountant”. The paper seeks to examine the origin and development of these new reporting roles. In addition, the paper considers the extent to which the findings of this historical investigation might contribute to current debates on the role of auditors in banking supervision.

The paper draws on official documents, personal accounts of individuals responsible for dealing with the JMB crisis, and semi‐structured interviews conducted with audit partners and banking supervisors who had direct experience of implementing the supervisory reforms instituted under the Banking Act 1987. Power's explanatory schema of controversy, closure and credibility is adopted as a framework for the analysis of documentary sources and interview data.

The failure of JMB generated sufficient controversy so as to require reform of the system of banking supervision. The paper shows that JMB was a controversy since it disturbed what went before and carried with it sufficient allies for change. To achieve closure of the controversy, agreement by key actors about changes to the nature of the role of auditors was required to ensure legitimacy for the reforms. Backstage work undertaken by the auditing profession and the Bank of England provided the necessary credibility to renormalise practice around the new supervisory arrangements.

The paper develops Power's schema which is then employed to analyse the emergence of the new role of reporting accountant and extended role for auditors in UK banking supervision. The paper provides empirical evidence on the processes of controversy, closure and credibility that help to ensure the legitimacy of accounting and auditing change.

This research aims to deal with the law of evidence invoked in Islamic banking cases reported in Malaysia from 1983 to 2015 and determine whether the invoked provisions of the statute in the case law have any conflicts with Islamic law that are threatening the development of Islamic banking in Malaysia.

The methodology used in this research is assessing the implication by studying the provisions of the law of evidence that has been invoked in the reported case law.

It is evident from this research that following are the evident conflicts found in the Evidence Act 1950. In this arena, the following changes are significant for sustaining Islamic banking in Malaysia. Expert opinion under Section 45 of the Evidence Act 1950 should be amended such that in Islamic banking, under this Act, expert opinion can be sought by the court. The rule and exceptions of parol evidence in Sections 91 and 92 of the Evidence Act 1950 need to be amended such that in Islamic banking matters, anything that is contrary to Shari^cah is mentioned in the contract; this amendment will be an exception to the parol evidence rule on the grounds that the written Islamic contract can be amended or set aside depending on the circumstances of the case.

It is anticipated that this research will assist jurisdictions to understand that even adjective laws applicable to Islamic banking will be harmonized with Islamic law. This is because the prefix Islam attached to the term banking is not merely a namesake, but it means more than that, i.e. all aspects of Islamic banking will be consistent with Islamic law.

To consider the recommendations made by the Financial Services Authority (FSA) enforcement process review (the review).

This paper has considered the concerns raised by the Financial Services and Markets Tribunal in the Legal & General case, the reaction of the FSA to those concerns and the terms of reference for the review, plus the impact of the review's 44 recommendations.

That the recommendations will bring greater transparency to the FSA's process of investigating regulatory breaches and taking enforcement action against firms and individuals, although it may take some time for the regulator and the city to adapt to the revised enforcement process.

This paper will be of interest to firms and individuals in the regulated sector and regulatory lawyers interested in the FSA's enforcement process.

A “complete” overhaul of the financial services industry in the United Kingdom has changed the landscape considerably. The authors have outlined some of the events that prompted the change. They take you along a road map of the new structure exploring the breadth and scope of the Financial Services Authority (FSA).

This paper examines the regulatory regime of the Financial Services Authority towards the credit union movement in Great Britain as contained in the Credit Union Sourcebook. The author discusses the merits of a strong regulatory regime towards credit unions within Great Britain and concludes that such an approach could improve the traditional perception of credit unions, increase the protection of members and increase awareness of the benefits of joining a credit union.

The purpose of this paper is to overview the goals of corporate governance in the financial services sector from a theoretical perspective. This sector has experienced some high profile corporate scandals, including BCCI, Barings Bank, and Equitable Life. Yet the UK's Combined Code on Corporate Governance does not give any special prominence to the corporate governance issues involved in this important and idiosyncratic business area.

First, the broad parameters of corporate governance are discussed, from a theoretical perspective. From this particular characteristics are derived applicable to the financial services sector. These issues are examined and the extent to which they have been addressed by contemporary academic or policy‐related studies is considered, and also how they are related to the activities of the main bodies responsible for external oversight.

The main attention of this paper is banks and a key issue arising is that the typical structure of their balance‐sheets – high leverage, and a mismatch in their assets and liabilities, mean that it is imperative that they keep lenders' confidence, and imply a wider duty of care for bank directors. External regulators (FSA) and auditors have vital oversight functions, which should encourage sound governance practices. One avenue of future research would be to assess the effectiveness of compliance in the UK, given that financial companies have obligations concerning both FSA requirements and Combined Code provisions.

Some key issues pertaining to corporate governance in financial services are addressed, highlighting their significance, to encourage further investigation by academics and practitioners in the field.