Global Financial Sector Reform: The Single Financial Regulator Model Based on the United Kingdom FSA Experience - A Critical Reevaluation

International Lawyer (ABA) Vol. 39, No. 1, 2005

SMU Dedman School of Law Legal Studies Research Paper No. 256

48 Pages Posted: 22 Mar 2016

See all articles by Joseph J. Norton

Joseph J. Norton

Southern Methodist University - Dedman School of Law; The University of Hong Kong - Asian Institute of International Financial Law

Date Written: 2005

Abstract

In this article, the author attempts to reevaluate the United Kingdom’s unified financial regulator, the Financial Services Authority (FSA), as a viable international regulatory model for global financial sector reform structures. The author provides an overview of the legal and organizational nature of the FSA, as well as a discussion of the policy and practical considerations entailed in choosing between a single or multiple regulator structure. The article also contemplates two important collateral regulatory issues: (1) the unitary versus functional regulation debate; and (2) the interfacing of a mega-regulator model with the need for a modern deposit insurance/compensation scheme. The author closes with a set of meaningful conclusions drawn from and "lessons to be learned" with regard to the new UK regulatory scheme and the collateral issues considered in this article.

It is hoped that this article will provide helpful background and policy information for lawmakers, policymakers, and concerned industry participants when considering the pros and cons of the adoption of an FSA mega-regulator structure.

Keywords: global financial sector reform, single financial regulator model, financial regulation policies, Financial Services Authority, FSA, UK-FSA, mega-regulator, unitary regulation, modern deposit insurance, Financial Services Compensation Scheme

Suggested Citation

Norton, Joseph J., Global Financial Sector Reform: The Single Financial Regulator Model Based on the United Kingdom FSA Experience - A Critical Reevaluation (2005). International Lawyer (ABA) Vol. 39, No. 1, 2005, SMU Dedman School of Law Legal Studies Research Paper No. 256, Available at SSRN: https://ssrn.com/abstract=2752542

Joseph J. Norton (Contact Author)

Southern Methodist University - Dedman School of Law ( email )

P.O. Box 750116
Dallas, TX 75275
United States

The University of Hong Kong - Asian Institute of International Financial Law ( email )

Faculty of Law The University of Hong Kong
Room 301A 3/F K K Leung Building Pokfulam Road
Hong Kong

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