HISTORICAL TOUCHSTONES IN THE REGULATION OF THE FINANCIAL SERVICES SECTOR: THE EVOLUTION OF FINANCIAL SERVICES REGULATION
| Pages | 63-71 |
| Date | 01 January 1992 |
| Published date | 01 January 1992 |
| DOI | https://doi.org/10.1108/eb024752 |
| Author | GEORGE GILLIGAN |
| Subject Matter | Accounting & finance |
HISTORICAL TOUCHSTONES IN THE REGULATION OF THE
FINANCIAL SERVICES SECTOR: THE EVOLUTION OF
FINANCIAL SERVICES REGULATION
Received (in revised form): 25th August, 1992.
GEORGE GILLIGAN
GEORGE GILLIGAN
HOLDS MASTERS DEGREES IN CRIMINOLOGY
FROM THE UNIVERSITY OF CAMBRIDGE AND
LA TROBE UNIVERSITY IN MELBOURNE,
AUSTRALIA. CURRENTLY HE IS UNDERTAKING
POSTGRADUATE STUDY AT JESUS COLLEGE
AND THE INSTITUTE OK CRIMINOLOGY AT THE
UNIVERSITY OK CAMBRIDGE. THE RESEARCH
ANALYSES THE HISTORICAL DEVELOPMENT OK
REGULATION WITHIN THE FINANCIAL
SERVICES SECTOR, WITH A PARTICULAR
EMPHASIS UPON REGULATORY RESPONSES TO
INSIDER DEALING AND MARKET
MANIPULATION. PREVIOUSLY THE WRITER
WAS A TUTOR IN CRIMINAL JUSTICE AT LA
TROBE
UNIVERSITY.
ABSTRACT
This paper
surveys
the
historical
develop-
ment of financial
services regulations
in
the UK,
especially
the social conditions
and
power relations
that have
shaped
the
evolution of British financial
markets.
The
analysis
specifically
focuses upon the role of
special interest groups
and how they have
influenced regulatory
innovation.
INTRODUCTION
The subject of 'financial services
regulation is vast and holds many
difficulties for comprehensive and
absolute analysis. This paper makes
no pretence at such a lofty aim,
indeed such an endeavour would
provide a formidable challenge for
an army of seasoned commentators.
This essay is much more of a preli-
minary foray, the purpose of which
is to identify some of the trends in
the evolution of financial services
regulation in the UK. It seeks to
relate some of the lesser-known
attempts at regulatory innovation
over the last three centuries to more
illustrious modern developments
such as the Financial Services Act
1986.
In particular the paper seeks
to examine the enduring influence
of special interest groups upon how
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