The Scottish financial sector in the single market
Article Abstract:
The future financial prosperity of Scotland will depend on the penetration of the imminent single European market of 1992 by the Scottish financial services sector. The financial service sector represents 9% of total employment in Scotland. The Scottish financial sector should flourish in the single European market since operating costs are low in Scotland in relation to the major European financial centers. Scotland has a well-established financial services industry, and Scottish financial professionals have an excellent reputation for their investment skills. The skill of Scottish financial professionals in the deregulated UK market will give them an advantage over professionals from other European Community (EC) countries. Potential problems facing the Scottish financial services industry include a lack of capital, a limited presence in the EC, and a lack of marketing skills among financial professionals.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1991
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Untie the watch dogs
Article Abstract:
The British financial industry's present system of self-regulation may be replaced by direct government supervision as the Bank of England and the Securities and Investments Board (SIB) come under increasing criticism. The Bank has been recently criticized by Lord Justice Bingham for the way it dealt with the BCCI scandal. He charged that the central bank failed to adequately supervise BCCI and chose to ignore repeated warnings about the erring institution. Compared to Bingham, US Senator Kerry was less careful in choosing his words in criticizing the Bank which he bluntly described as 'wholly inadequate.' The SIB's function and supervisory role are likewise being questioned. Some accuse the regulatory body of becoming excessively bureaucratic and propose the establishment of an agency that functions in much the same way as America's SEC.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
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Banking supervision
Article Abstract:
A committee was set up in December, 1984, chaired by the Governor of the Bank of England, with the direction of analyzing the system for supervising banks and suggesting changes where appropriate. Six months later the Committee published its report. A White Paper, published December 18, 1985 deals with recommendations in that report and includes the views of ICAS and ICAEW. The Financial Services and Building Societies Bill which were passed later are also explained in the Paper. No radical changes were proposed although auditors will probably have a greater role in the supervisory process.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1986
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