UK Financial Institutions and Markets

IT-enabled credit risk modernisation: a revolution under the cloak of normality

“…Over the last 15 years the UK banking sector has experienced deregulation (Morgan and Knights 1997), which has heralded an era of intense competition with new entrants (McGoldrick and Greenland 1992;Orton 1994) using computer-based technologies to offer diverse and flexible product ranges (Steiner and Teixeria 1990;Pawley, Winstone, et al 1991;Moules 1997). This hyper-competition has formed the backcloth for several major mergers and the globalisation of financial services institutions (e.g.…”

“…This involves the transfer of funds from one bank to another via balances at the Bank of England, necessary when payments are made between individuals or companies which bank with different banks (Pawley, Winstone et al 1991). The retail clearing banks cater for corporate and personal loans, saving plans and money transmission.…”

“…The retail clearing banks cater for corporate and personal loans, saving plans and money transmission. They also provide a range of other income producing services: leasing, unit trusts, credit cards, executor and trustee, investment and tax advice, share dealing and portfolio management, insurance and estate agency (Pawley, Winstone et al 1991). It is the provision of such a wide range of products, complimented by their well established reputations (Egan & Shipley 1995), that continues to make the Big Four major forces in this market.…”

An Examination of Exercised Power in Vertically Integrated Distribution Channels for Goods and Services

“…Because independent service agents do not take possession of inventory, they are in a low-risk position to resell services from virtually any provider on the market (Pawley, Winstone, and Bentley, 1991). Independent agents are often perceived by consumers to be more objective and more knowledgeable about service product alternatives than the service suppliers they represent (Lovelock, 1988).…”

The marketing of financial services to independent distributors

“…Linked to this, best advice requires that the intermediary must recommend only the best product from the range available to them. While this requires tied agents merely to select the best policy of the company they represent, independent advisors (IFAs) are required to select the best policy available from any provider on the market (Pawley et al, 1991).…”