Failures of Regulation and Governance

Jaffer, Sue; Knaudt, Susana; Morris, Nicholas

doi:10.1093/acprof:oso/9780198712220.003.0005

Cited by 5 publications

(3 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…There were errors of omission-most noticeably no-one had identified the implicit subsidies building up as firms became too big to fail. Nor was anyone focussed on the systematic risk in the system as a whole (Jaffer, Knaudt and Morris 2014). Some of the failures were intrinsic to the regulatory process-such as incentives to arbitrage regulatory rules.…”

Section: Why Did Financial Regulation Fail In the Uk?mentioning

confidence: 99%

“…The ASIC Chairman, James Shipton, noted "the serious matters referred by the Royal Commission of possible breaches of financial services laws" and committed to prioritising these investigations. 30 In February 2019 ASIC published a detailed update on implementation of the Royal Commission recommendations. 31 It is committed to implementing all of the 46 recommendations in its area of responsibility, including 11 that will extend ASIC's remit and powers, and 23 recommendations which will impose new requirements or restrictions on the entities regulated by ASIC.…”

Section: This Conclusion Was Reinforced By the Findings Of Thementioning

confidence: 99%

“…APRA responded positively to the Royal Commission, agreeing that there are a number of areas where APRA's 30 See https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-020mr-statement-from-asic-chair-james-shipton-on-the-final-report-of-theroyal-commission-into-misconduct-in-the-banking-superannuation-and-financial-services-industry/ 31 https://download.asic.gov.au/media/5011933/asic-update-on-implementation-of-royal-commission-recommendations.pdf 32 See https://www.apra.gov.au/media-centre/media-releases/apra-responds-royal-commission-final-report 33 Detailed responses are available at https://www.apra.gov.au/sites/default/files/table_with_apras_responses_to_royal_commission_recommendations-v1.pdf 34 See https://www.afr.com/business/banking-and-finance/rba-treasury-warn-regulatory-response-to-hayne-commission-risks-credit-crunch-20181001-h16322 prudential and supervisory framework can and should be strengthened. 32 It has provided detailed responses both to the Commission's recommendations, and to the Government's response.…”

Section: This Conclusion Was Reinforced By the Findings Of Thementioning

confidence: 99%

See 2 more Smart Citations

Lessons from the Financial Crisis and Other Banking Scandals

Jaffer

Morris

2019

LiC

Self Cite

View full text Add to dashboard Cite

The Global Financial Crisis (GFC) had dire implications for the UK, creating massive unemployment and years of austerity. This paper looks at the underlying causes of the crisis, together with the reasons why financial regulation in the UK failed to prevent the financial crash. The UK sought to learn the lessons from its failure, and many inquiries, research reports and books have explored the causes and compounding factors. The book “Capital Failure” identified that trust was fundamental to the working of the financial sector, and that the erosion of trust and trustworthy behaviour has had a disastrous effect. Australia escaped relatively unscathed from the GFC, yet recent inquiries into the banking and superannuation sectors have revealed a similar dramatic decline in trustworthiness and ethical standards of behaviour. The article examines how the Australian banking environment evolved, the implication of recent developments including Fintech and Regtech, and what lessons Australia can learn from overseas experience.

show abstract

Section: Why Did Financial Regulation Fail In the Uk?mentioning

confidence: 99%

Section: This Conclusion Was Reinforced By the Findings Of Thementioning

confidence: 99%

Section: This Conclusion Was Reinforced By the Findings Of Thementioning

confidence: 99%

See 1 more Smart Citation

Lessons from the Financial Crisis and Other Banking Scandals

Jaffer

Morris

2019

LiC

Self Cite

View full text Add to dashboard Cite

show abstract

Never forget, never forgive: the impact of inflation on trust in banks

Heyert,

Weill

2023

Applied Economics

View full text Add to dashboard Cite

Crisis, criticisms, and damaged credibility: A case study of organisational trust repair by a Victorian joint-stock bank

2023

View full text Add to dashboard Cite

This article uses the organisational trust repair model developed by Gillespie and Dietz to examine how the Royal Bank of Liverpool, which suspended payments during the commercial crisis in 1847, escaped liquidation and resumed business. This case study uses newspaper reports and selected corporate records to explore narratives of trust between bank management and different interest groups over the course of resuscitating the establishment. The case affords three distinct but interlaced conduits enabling analysis of the dynamics of trust repair: reassertion of credibility through appealing to its reputational past; reconciliation of competing expectations from different parties, and renegotiation of boundaries between directors' powers and stakeholders' rights.Exploring the professional standpoint, local attributes and moral discourses within which restoration of the bank was situated enables evaluation of the bank's strategies for rebuilding trust and redeeming corporate legitimacy through a contemporary theoretical perspective, offering lessons for corporate trust repair in the twenty-first century.

show abstract

Failures of Regulation and Governance

Cited by 5 publications

References 0 publications

Lessons from the Financial Crisis and Other Banking Scandals

Lessons from the Financial Crisis and Other Banking Scandals

Never forget, never forgive: the impact of inflation on trust in banks

Crisis, criticisms, and damaged credibility: A case study of organisational trust repair by a Victorian joint-stock bank

Contact Info

Product

Resources

About