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15 November 2007
Issue: 7297 / Categories: Features , Regulatory
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Regulatory Column

northern rock: the aftermath >>
CODE OF PRACTICE FOR REGulATORS >>
MEDICAL PROFESSION REGULATION >>

financial regulation—does the system work?

The events surrounding the first modern run on a British bank have put the Financial Services Authority (FSA) rudely back into the spotlight after a period of quiet reorganisation and reflection by the UK’s financial regulator. Until the Northern Rock drama unfurled, the FSA was confidently rolling out its new risk-based approach to regulation while streamlining its workforce. The reforms were generally met with approval and the FSA was praised for the new emphasis on the “light touch” and for its devolution of responsibility to the regulated community. At the same time, London was busily being feted as the world’s No 1 financial centre and all seemed well from the regulator’s vantage point in Canary Wharf.

The French have a particular saying involving soup and the devil. The gist is that once you have made yourself a nice soup, Beelzebub has a habit of spoiling it. In essence, the Northern Rock affair seems to have been a soup-spoiling moment for UK financial regulation. Up until the late

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MOVERS & SHAKERS

Jurit LLP—Caroline Williams

Jurit LLP—Caroline Williams

Private wealth and tax team welcomes cross-border specialist as consultant

Freeths—Michelle Kirkland Elias

Freeths—Michelle Kirkland Elias

International hospitality and leisure specialist joins corporate team as partner

Flint Bishop—Deborah Niven

Flint Bishop—Deborah Niven

Firm appoints head of intellectual property to drive northern growth

NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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