REGULATING FINANCIAL SERVICES

SHE Level 3
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M3N325649
Module Leader Patrick Ring
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimester
  • A (September start)

Summary of Content

This module examines the regulatory framework of the UK Financial Services industry, setting it in its global context. It analyses the regulatory requirements relating to financial firms and practitioners, and the role of financial regulators in setting and enforcing those requirements; as well as examining the ethical and cultural issues that influence both individuals and firms in the context of meeting a regulator's requirements. It then explores the application of these issues in a range of different contexts.

Syllabus

-360 Rationale for Regulation of Financial Services The International Context for Regulation The UK's Financial Services Regulators The Statutory Framework for Regulation in the UK Regulating the Behaviour of Firms and Individuals The Regulation of Retail Financial Services Banking Regulation Financial Fraud (1) - Money Laundering Financial Fraud (2) - Insider dealing, Market Abuse and other Financial Crime Data protection Compliance The Consumer and Financial Services

Learning Outcomes

On successful completion of this module, the student should be able to:1.Critically assess the justifications, and structures of, financial regulation2.Evaluate the roles and responsibilities of the UK's financial regulators and set then in a global context3.Critically discuss and evaluate the enforcement of UK financial services regulations and the principles and objectives underlying that enforcement,4.Provide an analysis of the UK's regulatory framework in a range of financial services contexts5.Discuss the position of the consumer in financial services regulation, the regulatory framework of consumer advice, and the key issues and skills involved in the provision of client advice6.Critically assess the relevance of ethics, ethical codes, and professional standards in the regulation of businesses and individuals

Teaching / Learning Strategy

The learning outcomes are grounded in the delivery of a core set of lectures, supported by seminars which are designed to deepen and/or widen understanding of relevant issues. Students will be encouraged to develop their skills in data gathering and critical analysis as a means of reinforcing and supplementing the core material. Seminars, will require students to research each topic and provide the opportunity to present and discuss data and ideas, including by way of presentation. The material will be contextualised by presentations from industry practitioners, and learning will be supported by a Discussion Board and class blog, as well as consolidating or subject-specific podcasts As part of the assessment, students will be provided with a template for the evaluation of their own work, requiring them to identify its strengths and weaknesses. Reflection on performance will form part of their submission. Feedback will be provided that identifies students' strengths and weaknesses: and corrective advice, including providing a comparison between the mark awarded for their written work and their own assessment of that work. It will include both generic and individual action points, and students will be encouraged to identify their own action points to close the gap between current and desired performance, GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCULearn to ensure student support and information sharing. Students are provided with formative and summative feedback via a variety of mechanisms. Feedback on coursework is provided within 3 working weeks of submission.

Indicative Reading

Armour, J. (2016) Principles of Financial Regulation, Oxford, OUP Benston, G. J. (1998) Regulating Financial Markets: A Critique and some Proposals London, The Institute of Economic Affairs Blair, Michael et al. (2009). (2nd ed.) Blackstone's Guide to the Financial Services and Markets Act 2000, London, Blackstone Press Coggins, B (1998). Does financial deregulation work?: a critique of free market approaches, Cheltenham, Edward Elgar, Goodhart, C. et. al. (1998). Financial regulation: Why, how and where now? London, Routledge. Hudson, A. (2013) The Law of Finance (2nd Edition), London, Thomson Reuters Kirk, J. and Ross, J. (2013) Modern Financial Regulation, Jordan Publishing Limited Llewellyn, D. (1999) The Economic Rationale for Financial Regulation. London, Financial Services Authority MacNeil, I. and O'Brien, J. (2010) The Future of Financial Regulation, Hart Publishing Moloney et al. (2015) The Oxford handbook of Financial Regulation, Oxford, OUP Morris, S. (2016) Financial Services Regulation in Practice, Oxford, OUP Simpson, D. (1996). Regulating Pensions: Too Many Rules, Too Little Competition. London, The Institute of Economic Affairs. Online sources: Association of British Insurers: <http://www.abi.org.uk/> Bank of England: <http://www.bankofengland.co.uk/> British Bankers' Association: <https://www.bba.org.uk/> Centre for the Study of Financial Innovation: <http://www.csfi.org.uk/> Financial Ombudsman Service <http://www.financial-ombudsman.org.uk/> Financial Conduct Authority <http://www.fca.org.uk/> Financial Services Compensation Scheme: <http://www.fscs.org.uk/> Financial Services Consumer Panel: <http://www.fs-cp.org.uk/> H.M. Treasury: <http://www.hm-treasury.gov.uk/> The Money Advice Service <https://www.moneyadviceservice.org.uk/> Prudential Regulatory Authority <http://www.bankofengland.co.uk/PRA/Pages/default.aspx>

Transferrable Skills

By the end of this module students will be able to: -360 Exercise and manage responsibility for the work of themselves and others Critically analyse and assess complex scenarios to develop insights and solutions to ethical and professional issues in accordance with current professional practice Effectively communicate orally and in writing specialised regulatory topics Use an appropriate range of academic and industry-related materials and technology to support and enhance their work. Develop their understanding of the appropriate professional cultures and behaviours

Module Structure

Activity Total Hours
Seminars (FT) 12.00
Lectures (FT) 24.00
Assessment (FT) 40.00
Independent Learning (FT) 124.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (Exams Office) 2.00 50.00 35% Unseen exam
Course Work 01 n/a 50.00 35% Written submission based on presentation (2000 words) Week 8