Prescriptive and judgement-based regulation of financial services: Are they compatible?

The financial crisis has ushered in not only more regulation but a regulatory approach that is more surveillance-based, judgment dependent and pre-emptive in nature. This is set against a background of increased distrust of financial institutions by the public, media and regulators. 

The UCL Centre for Ethics and Law is engaging in examining approaches to governance in this new climate of financial regulation.

We have assembled a panel to discuss:

• What is the relationship between rules and discretion based regulation and what are their limitations?
• Is rules based regulation equally applicable to prudential and conduct regulation?
• To what extent can self-regulation of financial institutions satisfy aspects of the regulatory agenda?
• How can the financial services industry improve culture and ethics and rebuild trust and how do they address conduct risk?
• Where does judgment-based regulation fit within these developments?

There are many more questions that we hope the panel and audience will raise.

Our panel of speakers is drawn from different backgrounds, and will provide insights into the approaches of the regulator and the financial services industry and highlight the theoretical perspectives. The event allows us to put the academic platform forward as a bridge to engage with and mediate the discourse in this area.

Speakers

• Philip Rawlings, inaugural Sir Roy Goode Professor of Commercial Law, Director of the Insurance Law Institute at CCLS and a committee member of the British Insurance Law Association. 
• Paul Fisher, Deputy Head of the PRA and Executive Director for Supervisory Risk and Regulatory Operation
• Alan Brener, currently on secondment from Santander UK working for Dame Colette Bowe helping to set up the Banking Standards Council.

Read the full speaker biographies