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date: 06 March 2021

Abstract and Keywords

This Chapter traces the development of some of the key regulatory styles and supervisory strategies that have characterized financial regulation in the UK and other parts of the world during the past two to three decades. More specifically, it looks at risk-based regulation, management-based regulation, principles-based regulation, outcomes-focused regulation, and judgement-based regulation. It begins by reviewing developments in the UK with respect to regulation of financial institutions, from 1986–98 to 1998–2013 and 2010. It then assesses the development and implementation of principles-based regulation by the Financial Services Authority (formerly, the Securities and Investments Board). The Chapter concludes by outlining regulatory approaches in other countries such as Canada, Australia, Ireland, and New Zealand.

Keywords: financial regulation, UK, risk-based regulation, principles-based regulation, Financial Services Authority, outcomes-focused regulation, judgement-based regulation, financial institutions

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