ABSTRACT
The regulatory environment we have in place today did not emerge in isolation from other factors. It developed over many years, a consequence of the shifting influences which have shaped it over time. Guidance is separate from formal laws or regulation, guidance is often a feature of the regulatory environment. The marketplace has seen a marked shift from domestic firms engaged in distinct banking, securities, and insurance businesses to more integrated financial services conglomerates offering a broad range of financial products across the globe. The Treasury was given responsibility for oversight of financial services regulation and in turn delegated many of these powers to a designated agency called the Securities and Investments Board (SIB), which later became the Financial Services Authority (FSA). As financial services developed during the latter part of the twentieth century, it exploited the opportunities afforded by technological developments along the way.
