ABSTRACT
The chapter is organized into the following three sections. The first briefly outlines the key elements of the regulatory structure, focusing specifically on the regulatory bodies for personal financial services. In this section, we emphasize the uncertainties which arose from the organizational fragmentation of the regulatory authorities. This was party a result of the uncertain division of function and authority between the regulatory bodies which was exacerbated by the differing types of relationship between the regulators, the companies and the government. These problems are illustrated by reference to the particular problem of legitimating the role of the regulatory bodies. In the second section, we report on a series of studies which have been conducted on attitudes towards regulation and compliance within financial services companies. These studies reveal a range of differences within and between companies in their responses to regulation. The concluding section elaborates on the importance of the organizational approach to regulation.
