Managing my financial journey
Managing my financial journey

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Managing my financial journey

Week 2: Post-crisis: new players, new issues, new rules

Introduction

The focus in Week 2 is looking at component parts of the financial services industry as it is today, at how the global financial crisis has changed the way business is undertaken and how it is regulated. The reforms and restructuring of the sector are examined as well as controversial issues like bankers’ bonuses, attempts to introduce greater competition and the ring-fencing of retail banking from the speculative activities of investment banking.

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Transcript

MARTIN UPTON
Welcome to Week 2 of Managing my financial journey. This week we look at the financial services industry as it is today. The fall-out from the global financial crisis, which we examined at the end of Week 1, has changed the way financial firms are run and how they are regulated.
Since the crisis the government has been active in bringing in new legislation - some of it resulting from the recommendations of the Independent Commission on Banking (or ICB) - which is also known as the Vickers Commission - and this was established by the Coalition Government in the UK in 2010. The reforms and restructuring of the sector are examined as well as controversial issues like bankers' bonuses, the attempts to introduce greater competition within the industry and the ring-fencing of retail banking from the speculative activities of investment banking.
We also look at the controversial roles played in financial services by the pay day lenders and hedge funds.
How insurance firms are dealing with the issues arising from the banning of gender discrimination and the growth of genetic testing for inherited health conditions are also reviewed.
The way we conduct business is changing too as a result of digital services like the internet and mobile phones.
And the way regulation is conducted has changed since the financial crisis, with new regulatory bodies taking over from the disbanded Financial Services Authority and with the Bank of England securing a larger role in the regulation of the industry.
The financial services industry is changing - so let's go and explore what's going on. Do enjoy Week 2.
End transcript
 
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You will look at payday lenders, hedge funds and the impact on the insurance industry of genetic testing.

You will look at how the way we shop in the financial services industry is changing too – for example, does the internet make it easier to find the right products or does it cause more complications for us?

Described image
Figure 1 The UK financial services industry

This course is presented with the kind support of True Potential LLP.

The True Potential Centre for the Public Understanding of Finance [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)]  (True Potential PUFin) is a pioneering Centre of Excellence for research in the development of personal financial capabilities. The establishment and activities of True Potential PUFin have been made possible thanks to the generous support of True Potential LLP, which has committed to a five-year programme of financial support for the Centre totalling £1.4 million.

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