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Does UK and EU legislation and regulation inspire investor confidence in the UK financial services industry?

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Introduction

Transfer-Encoding: chunked Does UK and EU legislation and regulation inspire investor confidence in the UK financial services industry? Financial services are a term used to refer to the services provided by the financial market. Financial services can also be described as organizations deal with the management of the money. For example, Banks, investment banks, insurance companies, and credit card companies are one member of the financial services industry. It is no doubt that financial services have been one part of our life. Despite the fact that we use the banking services from the high-street bank, we have already get involved in the financial services industry. The financial services industry is worth an estimated £234.2bn. As a result, it plays a key role in the UK economy. Although this is a key industry, which support the whole UK economy in the UK, there were different scandal about the financial services. Some of them had a global impact, which encourage the development of regulations. Besides, more and more regulators had been set up, such as Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) etc. These organization aims to protect and inspire investors’ confidence by regulating firms. ...read more.

Middle

Particularly, The Data Protection Act 1998 can really protect customer?s rights. This Act gives customers the right to know what information companies hold on you and how they are going to use it. Consumers have the rights to stop information being used and receiving any marketing mails or post from the companies. Once the customers ask the company, they have to respond to the request within 21 days. Those legislations can inspire consumers? confidence because they are based on the law. If companies do not follow the act, they might be sued or fine. Moreover, every company has obligation to follow the rules and the government supervises them. However, it is hard to avoid our personal information held by companies. For example, when we get a loan from the bank, they require our personal details and it is essential for the company. This Act only protect our personal details not to be used for marketing purpose but we cannot know how firms are going to use it. For instant, if companies sold our personal information to other companies, it is very hard to investigate. It is because other companies can cover up the truth, which is called collusion. ...read more.

Conclusion

Overall, some of the regulations may not really help to inspire investors? confidence. In conclusion, UK and EU legislation and regulation can inspire investor confidence in the UK financial services industry. There are different regulation bodies in the UK, such as Bank of England, the FCA and the PRA. Their role is monitoring and ensuring the market system is working without any problem. They regulates UK financial firms in order to protect the investor and consumer in the UK. Bank of England has the most important roles, which is the central bank of the England. Every measures they made can influence the market. As a result, the regulations from the Bank of England can really regulate the market. When firms are fully regulated, consumers? confidence may likely to raise. UK and EU legislation, which were set up many years ago. However, those Acts will be updated regularly. This makes sure the Act is up-to-date and work dependent with the market. This can restrict firms to follow their rules in order to ensuring the market and firm are supporting the whole UK economy system. Updating regularly can ensure firms find and use the grey zone to avoid regulation. Finally, I firmly believe that the regulations bodies, legislation and financial services legislation can inspire investors? confidence as those regulation bodies are work under government and legislations have real power to restricting firms and the market. ...read more.

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