Write a 1500 word paper answering; The regulatory system of the UK went through a dramatic change in the recent past when the Financial Services Authority (FSA) was abolished in the wake of the current financial crisis. The credit crunch and the resulting economic downturn that both US and UK faced, therefore, prompted for radical changes to be made into the financial regulatory system. The proposed changes in the US financial system also indicate that there may be more powers to be given to the Federal Reserve System (FED) to effectively control the financial services industry. Similarly, the UK has given more powers to the Bank of England to improve its role as the supervisor of the Financial System by abolishing Financial Services Authority.The overall structure of the regulatory system of both the countries is, therefore, going to change soon, and as such new foundations may be laid. This paper, therefore, will attempt to discuss the structure and objectives of the UK and US’s financial regulatory system and critically analyze as to whether the system can regulate the financial services industry.Theoretically, it is argued that government intervention in the market is necessary to remove or correct the imperfections in the market. Market imperfections can be created due to many reasons however, to correct them. the government has to intervene in the form of regulations to restrict certain actions otherwise performed by markets without significant hindrances.It is argued that financial markets tend to work better when investors have all the information and markets are free from the manipulative power of few. What is significant however is the fact that failure of one financial institution can cause the failure of other institutions thus the contagion effect of the failure can cripple the whole economy of a country. Due to this inherent risk and weakness of the financial services industry, it becomes more important that the government should have a better role.
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