United Kingdom worldwide pioneered the uniform financial supervision mode _ Cao Fengqi

United Kingdom worldwide pioneered the uniform financial supervision mode — financial supervision system reform Bowen (3) United Kingdom prior to 1980, banking, securities and insurance is a specialized model, on the financial industry regulatory also uses separate mode, respectively by the Bank of England, Securities Investment Committee and a number of self-regulatory organization. The 1990s, the United Kingdom on financial supervision system reforms. Reform because: (1) since the 1980s, renewing, diversification, electronic financial innovation into features, change United Kingdom traditional financial operation mode. United Kingdom professional Bank with enthusiasm, or supposes through its own subsidiary, subsidiaries erode other professional banking, or drill to government policies to control them, did not belong to its own range of business, the business division of labour between banks no longer clear. Mixed operation of growing, the United Kingdom to become the world's financial industry mixed operation of one of the most high. Since the 1970s, the United Kingdom Government to relax the restrictions on competition in the banking sector and the financial sector, the United Kingdom all financial institutions a competitive, financial instruments, financial transaction means innovation, financial services, financial varieties constantly cross, showing a mixed management situation, particularly in the United Kingdom, London Stock Exchange in 1986, the "big bang"-style reforms to the banking industry can be engaged in other business, such as engaging in securities and other investments, but also contributed to this trend. But at this point the United Kingdom by the financial regulation are not keeping up with the pace of the mixed operation, still practicing management. Supervisory although an exhaustive list, but a financial institution at the same time by several regulatory agencies in the areas of "mixed-supervised", not only increase the cost, efficiency, regulators and supervisors have dispute between easily, but some are regulators can drill multiple regulators less communication between information, passed in different business transfer funds across categories, risk transfer, artificially raising or lowering profitability and other methods to achieve tax evasion, internal transactions even money laundering purposes. (2) the Bank had strapped to his management of the alarm. 1984 October once Johnson international sensation · Matthew Bank (the so-called "JMB" event), 1988, international trade and credit Bank bankruptcy, 1995 the old Bank United Kingdom Bahrain banks investments failed with the hundreds of millions of pounds of losses and declared bankruptcy, finally being Netherlands Bank acquisitions. These events occur after a public outcry, the United Kingdom considers that financial supervision, supervisory authorities should be reviewed. Since then, the United Kingdom started summary financial supervision system, which will take effect from the bank supervision of banks ' financial activities have some inherent disadvantages, the need for reform. Financial sector supervisory deficiencies are exposed. In 1998, before 1 June of the United Kingdom is "management", a total of 9 financial regulatory bodies, namely the Bank of England's prudential supervision Division (SSBE), securities and investments Board (SIB), private investment authority (PIA), investment authority (IMRO), the Securities and Futures Authority (SFA), Housing Association Committee (BSC), the Ministry of finance and Insurance Board (IDT), mutual aid Association Committee (FSC) and the Association Board (RFS). These regulatory bodies are the banking, insurance, securities and investment industry, housing associations and other bodies of the regulatory function. As in the United Kingdom has formed a cross-industry and financial markets, banks, insurance companies and investment funds are in competition for common customers, operating with similar financial products. Supervisory although an exhaustive list, but a financial institution at the same time by several regulatory agencies in the areas of "mixed-supervised", not only increase the cost, efficiency, regulators and the regulators room easily lead to disputes, and some of the regulators to drill multiple regulators less communication between information, passed in different business transfer funds across categories, risk transfer, artificially raising or lowering profitability and other methods to achieve tax evasion, internal transactions even money laundering purposes. 20 after the mid-1990s and management effectiveness of reduced so that the United Kingdom Government and the reform of financial supervision mode on, gradually with more uniform. In 1997, the Labour Government came to power, launched a series of financial reform measures. 1. set the new financial regulation. According to the 2000 financial services and markets Act, the United Kingdom has established the world's most powerful financial regulators – the financial services authority (FinancialServicesAuthority, hereinafter referred to as the HKMA, FSA). FSA is the United Kingdom the entire financial industry unique authority. FSA as the United Kingdom only, independent, United Kingdom financial industry implementation of a comprehensive regulatory enforcement agencies, to develop financial regulatory, promulgation and implementation of financial industry guidelines, given by the regulators to the guidelines and recommendations and the nationals to carry out the work of the general policies and guidelines. According to relevant laws, the FSA has the supervision of the financial sector all legal rights, and from 1 December 2001 began to exercise their full regulatory functions, but it is not a government agency, which is an independent non-governmental regulatory organization, its funding revenue directly from the regulation of financial institutions. 2, the promulgation of the new financial regulation law. United Kingdom has applied for a longer period of self-regulation system. The Bank of England on banking supervision features to self-regulation as the main financial institutions, as well as supervision of the Bank of England, and the "moral advice" as the primary monitor. In the late 20th century, the United Kingdom has developed a series to guide relevant financial laws and regulations, and this situation will change. In June 2000, the United Kingdom the Queen formally ratified the 2000 financial services and markets Act (Financial Services and Markets Act2000). This is a United Kingdom historyParliament on the proposal to modify the $ 2000 more than set a maximum number of recording changes of legislation is also the most important since the founding of the United Kingdom of a law on financial services. Become a United Kingdom financial industry a "basic". The Act clarifies the newly established financial regulators and the regulator's powers, responsibilities and obligations of the supervisory standards, regulating the functioning of the financial markets. This is a new set of "rules of the game" for the United Kingdom to adapt to the new century financial sector development and regulatory, provides an unprecedented new reform framework. 3. the development of a new financial regulation and the rules. According to the 2000 United Kingdom financial services and markets Act mandates that the FSA has developed and published a set of macro, applies to the entire financial market supervisory bodies were "regulatory 11". 4. establishing the concept of the new financial regulation. Monitoring concept that regulatory philosophy, referring to the financial supervision of the guiding principles and basic principles, such as monitoring the size of the "strict" and "width" and "loose" and "tight", etc. The United Kingdom after the reform of financial supervision, the relative gravity of the issue is more loose or tight, the FSA's basic principle is to the kernel around risk management, on different financial institutions to adopt the "tailor-made" model of financial regulation. United Kingdom financial supervision system reforms have following characteristics: 1, the financial supervision authority is highly concentrated. FSA inherits the original nine financial regulators share regulatory powers, such as from the United Kingdom's Central Bank, the Bank of England in the hands of the banking supervisory authority received over; and United Kingdom signed a protocol of the Ministry of finance, Ministry of Finance of the causes have insurance legislation functions transferred to the FSA; audit responsibilities listed companies but also from the London Stock Exchange to the FSA. In other words, the United Kingdom on financial institutions, financial markets and services in the market of professional organizations and individuals, settlement and payment systems, problematic financial case full power with care supervision, is represented by the "only" financial regulators FS A "unified" exercise. FSA subject took over the existing functions of the financial regulatory bodies, is also responsible for past certain non-regulated areas such as financial institutions and customer contracts of unfair terms, the financial market industry guidelines, to provide services for the financial industry and public accounting firm of lawyers and other norms and regulation. 2 the financial supervision of separation from the Central Bank functions. After the establishment of the FSA, the Bank of England on the banking industry's regulatory functions transferred, and the operation of monetary policy is to strengthen the functions. The new situation, the Bank of England is responsible for the United Kingdom financial and monetary system overall stability, and on payment systems and other infrastructure support play a unique role. The Bank of England shall have the right to independently set the benchmark interest rate, independent of the development and implementation of monetary policy. In view of the monetary policy and financial supervision of the close ties and mutual influence, regulatory functions separated from the Bank of England, the legal provisions of the Bank of England and the FSA in charge cross join each other's Board, the introduction of mutual intervention in order to ensure effective coordination between the two. This arrangement can guarantee that the FSA is responsible for financial supervision and the Bank of England is responsible for monetary policy in major macro-level decisions to maintain strong interoperability. 3. financial regulation and the important changes in the content. FSA was said to be taken of new regulatory approach has published the new century, new regulatory law reports, analyses how the FSA. FSA in charge is also very stressed the FSA management "cutting-edge". In the regulatory focus, FSA absorbed the original regulators the Bank of England on the banking risk management experience, the whole financial sector in particular, the largest financial business of "retail market" implementation "in order to control risks in mind"; to this end, the FSA has developed a clear market conduct (Code of market conduct), and the serious violations of the code of conduct on the market of financial institutions brought to court, and its main managers will also be punishable. United Kingdom financial supervision system of the reform of overall evaluation: 1, promote the efficiency of the financial regulation. FSA specifically for financial supervision, the Bank of England is responsible for monetary policy, financial institution, can give full play to the specialization brings efficiency advantage. 2. adapt to the needs of financial mixed development. From specialized to mixed operation of regression is an international trend. United Kingdom Government in the financial services giant change occurs when targeting a mixed regulatory reform, for the financial industry provides a financial supervisory service "supermarket", is adapting to the change of rational choice. This reform, not only facilitates the United Kingdom's financial institutions and their global customers, and improve the United Kingdom financial services industry's international competitiveness, and strengthen the international financial centre in London. 3, the first to achieve a unified financial supervision mode. From the global level, the United Kingdom's financial regulatory reform, stands for the global financial industry in the mixed operation times a trend towards the individual being mixed management of emerging market economies, nor no inspiration and enlightenment. Of course, from the United Kingdom new financial supervision system of the actual operating conditions, there is a need for further improvement. First of all, the Bank of England's regulatory functions while being transferred out, but because of its role as lender of last resort and for financial institutions in the statistics of long-term accumulation and master, financial supervision and still need it. Under the 1998 England Banking Act and the Bank of England and the Ministry of finance and the financial services authority, the Bank of England is still responsible for maintaining the stability of the entire financial system. To this end, the Bank of England Governor internal set up by the King's financial stability Committee and 140 of the financial stability Board. Bank of England is the part of the functions of the financial regulation, has not been clarified. Second, the Bank of England and the Ministry of finance and financial services Council monthly meeting to discuss financial stability issues, but when the third party to agree how to resolve the differences, the United Kingdom law andNo specific requirements. Again, this time by the United States caused by the subprime mortgage crisis in the global financial crisis on the so-called financial control system the most perfect United Kingdom United Kingdom impact is greatest, a large number of failures of financial institutions, the United Kingdom in the derivatives market has suffered huge losses. Here we have a deep-seated problems, whether the consolidated financial supervision could solve all the problems in the financial markets?