Papers by clare chambers
Since the banking crisis began in 2007 with the collapse of Northern Rock, the UK's financial sys... more Since the banking crisis began in 2007 with the collapse of Northern Rock, the UK's financial system and regulatory system has come under great strain to be reformed. Many policy documents, legal instruments and discussion documents have been issued by the Financial Services Authority guided by the Bank of England and HM Treasury. This paper will look at the uncertain future the regulatory position of the UK banks are now in given the hung parliament that occurred in April 2010. By having an unclear governance and turbulence in the political arena within the UK, the already tumultuous situation with the banks is even more precarious. The paper will ask what will be the outcome from this political upheaval and how will the markets cope with the lack of regulatory control over the next few weeks. To this end the paper will therefore look retrospectively at the background of the crisis briefly. It will then move on to examine the regulatory and policy changes that have been proffered by the tripartite authorities over the last three years and then it will move on to examine the pre election promises by the parties and will consider the options now available to the UK banks. The paper will conclude that given the hung parliament and the lack of clear leadership the financial services position within the global economy is very precarious and what is needed is a clear policy change and clear leadership.
This paper aims to explore the corporate governance of banks in economic crisis and whether poor ... more This paper aims to explore the corporate governance of banks in economic crisis and whether poor corporate governance has led to the crisis. The aim of this paper is to demonstrate the complex world of financial regulation and that corporate governance is just one of the many possible culprits in the economic crisis. The level of financial crisis has been unprecedented and as such the regulatory response has been prolific. The researcher aims to discuss some of the reform proposals to see whether the time is right to legislate and whether these areas of reform indeed address the facets of the banking sector that need to be fixed.
Corporate social responsibility (CSR), financial exclusion and banks are not happy bed fellows, y... more Corporate social responsibility (CSR), financial exclusion and banks are not happy bed fellows, yet their relationship and working partnership is essential to ensure financial security within a stable economy. The position of this paper is to contextualise the CSR of banks within the current economic climate and comes to the unsatisfactory position that CSR and financial exclusion may be forgotten until the crisis is over and recovery begins. What is currently important in terms of economics is that the system works for the whole not the few and that regulatory focus is drawn fully to secure the crisis and work on rebuilding trust and confidence within the broken and troubled banking industry. In order to examine this proposition, the paper is divided into five parts. Firstly the paper examines the origins and developments of CSR. Secondly the paper examines the CSR of banks in the UK and compares it to the regulatory approach in the United States. Thirdly the researchers explore the notions of financial exclusion and how it interrelates with social responsibility of the banks. Penultimately the researchers examine the ethical aspects of the banks business and conclude with an examination of the CSR guidelines and disclosure rules. The paper does not examine the current economic situation in detail.
This paper examines the pre-election promises of the UK Liberal Democrat and Conservative parties... more This paper examines the pre-election promises of the UK Liberal Democrat and Conservative parties and how a new coalition government has altered governmental opinions as to the future of financial reform.
We have for years been in a golden age of available credit and economic boom; today we are experi... more We have for years been in a golden age of available credit and economic boom; today we are experiencing the economic bust. This cyclical evolution of the economic system cannot be changed by regulation, but what can be done is to ensure that the extremes of the cycle are not reached as they have been in the current economic crisis. Banks will fail. They will succeed. Banks are not homogenous; they are large, small and have differing ethoses. Yet, what regulators can do is to look at the past, chart the mistakes made and lessen the effects on the future by trying to minimise the highs and lows of the cycle. The question here is whether the Banking Act 2009 (the Act) will achieve this or it was simply a knee jerk reaction to the economic crisis. The paper will briefly explore the current economic crisis to set the scene for a discussion of the Act. Finally, the paper will explore the possible consequences of the Act.
The aim of this paper is to discuss the legal issues affecting commonwealth countries in terms of... more The aim of this paper is to discuss the legal issues affecting commonwealth countries in terms of virtual/cyber financial crime. Virtual financial crime or cyber financial crime is where acts of fraud money laundering, etc., take place over the internet. Virtual financial crime is a present and real threat to global economies and creating an international agreement to prevent, detect and punish virtual criminals is an increasing problem for governments and law enforcement agencies. This paper will consider the role of the commonwealth in virtual financial crime and provide two case studies, in part three, namely Australia and Nigeria, whose domestic jurisdictions aim to tackle cyber financial crime and how they draw upon commonwealth and international legislation for domestic purposes. It will discuss the jurisdictional elements in part four, which the commonwealth should consider in line with more international laws. In part five of the paper technological enforcements that can be used to prevent cybercrime will be examined. Finally the paper will use these commonwealth jurisdictions as an example of how global regulators could use it to promote a joined up response to virtual financial crime.
We have for years been in a golden age of available credit and economic boom; today we are experi... more We have for years been in a golden age of available credit and economic boom; today we are experiencing the economic bust. This cyclical evolution of the economic system cannot be changed by regulation, but what can be done is to ensure that the extremes of the cycle are not reached as they have been in the current economic crisis. Banks will fail. They will succeed. Banks are not homogenous; they are large, small and have differing ethoses. Yet, what regulators can do is to look at the past, chart the mistakes made and lessen the effects on the future by trying to minimise the highs and lows of the cycle. The question here is whether the Banking Act 2009 (the Act) will achieve this or it was simply a knee jerk reaction to the economic crisis. The paper will briefly explore the current economic crisis to set the scene for a discussion of the Act. Finally, the paper will explore the possible consequences of the Act.
This paper aims to explore the corporate governance of
banks in economic crisis and whether poor... more This paper aims to explore the corporate governance of
banks in economic crisis and whether poor corporate governance
has led to the crisis. The aim of this paper is to
demonstrate the complex world of financial regulation
and that corporate governance is just one of the many
possible culprits in the economic crisis. The level of financial
crisis has been unprecedented and as such the regulatory
response has been prolific. The researcher aims to
discuss some of the reform proposals to see whether the
time is right to legislate and whether these areas of
reform indeed address the facets of the banking sector
that need to be fixed.
Credit unions are financial co-operatives that conduct their business for their members.
The pri... more Credit unions are financial co-operatives that conduct their business for their members.
The principal purpose of a credit union is to receive deposits from and make loans to members. They do
not serve the general public. Membership is restricted by a qualification that is referred to as a common
bond or field of membership. The origins of credit unions are to be found at the heart of the Industrial
Revolution, when Robert Owen established two famous co-operatives in Rochdale and New Lanark.
The most prominent co-operative influenced by his ideas, the Rochdale Society of Equitable Pioneers,
opened their famous co-operative shop on Toad Lane in 1844. This was an important step in the social
and political change that was taking place throughout Europe and of which the people of Rochdale can
justifiably claim to be leaders. By 1848, the Co-operative had 140 members and the society’s membership
increased to 390, by 1880 the national membership of consumer societies had reached over 500 000, and
by the turn of the century it had reached 1.5 million. The members of the two co-operatives subscribed
to shares and paid small amounts to raise sufficient funds in order to purchase goods below the market
value and then resell them to the members at a savings. These co-operatives were the result of the ‘growing
complexities of modern economic life for both farmers and workers’. Importantly, the Rochdale Society
of Equitable Pioneers developed a number of principles that have assisted the development of credit
unions. These principles were open membership, the democratic control of the organisation, a limited interest
on share capital and the return on member’s interests being in proportion to the member’s patronage.
These principles illustrate why credit unions are a unique financial co-operative. Under the guidance of
the World Council of Credit Unions, the growth of credit unions has been remarkable. In 2007, there were
49 000 credit unions and 177 000 000 members in 96 countries. The aim of this article is twofold. First, it
aims to illustrate how credit unions are able to grow in times of economic hardship – a situation that is
demonstrated by examining the impact of the ‘Great Depression’ in the United States of America (USA)
and the ‘Credit Crunch’ in the United Kingdom (UK). Second, the article highlights the importance of
deposit protection schemes when credit unions face financial difficulties in the USA, UK and the Republic of
Ireland (Ireland).
Publication List by clare chambers
Uploads
Papers by clare chambers
banks in economic crisis and whether poor corporate governance
has led to the crisis. The aim of this paper is to
demonstrate the complex world of financial regulation
and that corporate governance is just one of the many
possible culprits in the economic crisis. The level of financial
crisis has been unprecedented and as such the regulatory
response has been prolific. The researcher aims to
discuss some of the reform proposals to see whether the
time is right to legislate and whether these areas of
reform indeed address the facets of the banking sector
that need to be fixed.
The principal purpose of a credit union is to receive deposits from and make loans to members. They do
not serve the general public. Membership is restricted by a qualification that is referred to as a common
bond or field of membership. The origins of credit unions are to be found at the heart of the Industrial
Revolution, when Robert Owen established two famous co-operatives in Rochdale and New Lanark.
The most prominent co-operative influenced by his ideas, the Rochdale Society of Equitable Pioneers,
opened their famous co-operative shop on Toad Lane in 1844. This was an important step in the social
and political change that was taking place throughout Europe and of which the people of Rochdale can
justifiably claim to be leaders. By 1848, the Co-operative had 140 members and the society’s membership
increased to 390, by 1880 the national membership of consumer societies had reached over 500 000, and
by the turn of the century it had reached 1.5 million. The members of the two co-operatives subscribed
to shares and paid small amounts to raise sufficient funds in order to purchase goods below the market
value and then resell them to the members at a savings. These co-operatives were the result of the ‘growing
complexities of modern economic life for both farmers and workers’. Importantly, the Rochdale Society
of Equitable Pioneers developed a number of principles that have assisted the development of credit
unions. These principles were open membership, the democratic control of the organisation, a limited interest
on share capital and the return on member’s interests being in proportion to the member’s patronage.
These principles illustrate why credit unions are a unique financial co-operative. Under the guidance of
the World Council of Credit Unions, the growth of credit unions has been remarkable. In 2007, there were
49 000 credit unions and 177 000 000 members in 96 countries. The aim of this article is twofold. First, it
aims to illustrate how credit unions are able to grow in times of economic hardship – a situation that is
demonstrated by examining the impact of the ‘Great Depression’ in the United States of America (USA)
and the ‘Credit Crunch’ in the United Kingdom (UK). Second, the article highlights the importance of
deposit protection schemes when credit unions face financial difficulties in the USA, UK and the Republic of
Ireland (Ireland).
Publication List by clare chambers
banks in economic crisis and whether poor corporate governance
has led to the crisis. The aim of this paper is to
demonstrate the complex world of financial regulation
and that corporate governance is just one of the many
possible culprits in the economic crisis. The level of financial
crisis has been unprecedented and as such the regulatory
response has been prolific. The researcher aims to
discuss some of the reform proposals to see whether the
time is right to legislate and whether these areas of
reform indeed address the facets of the banking sector
that need to be fixed.
The principal purpose of a credit union is to receive deposits from and make loans to members. They do
not serve the general public. Membership is restricted by a qualification that is referred to as a common
bond or field of membership. The origins of credit unions are to be found at the heart of the Industrial
Revolution, when Robert Owen established two famous co-operatives in Rochdale and New Lanark.
The most prominent co-operative influenced by his ideas, the Rochdale Society of Equitable Pioneers,
opened their famous co-operative shop on Toad Lane in 1844. This was an important step in the social
and political change that was taking place throughout Europe and of which the people of Rochdale can
justifiably claim to be leaders. By 1848, the Co-operative had 140 members and the society’s membership
increased to 390, by 1880 the national membership of consumer societies had reached over 500 000, and
by the turn of the century it had reached 1.5 million. The members of the two co-operatives subscribed
to shares and paid small amounts to raise sufficient funds in order to purchase goods below the market
value and then resell them to the members at a savings. These co-operatives were the result of the ‘growing
complexities of modern economic life for both farmers and workers’. Importantly, the Rochdale Society
of Equitable Pioneers developed a number of principles that have assisted the development of credit
unions. These principles were open membership, the democratic control of the organisation, a limited interest
on share capital and the return on member’s interests being in proportion to the member’s patronage.
These principles illustrate why credit unions are a unique financial co-operative. Under the guidance of
the World Council of Credit Unions, the growth of credit unions has been remarkable. In 2007, there were
49 000 credit unions and 177 000 000 members in 96 countries. The aim of this article is twofold. First, it
aims to illustrate how credit unions are able to grow in times of economic hardship – a situation that is
demonstrated by examining the impact of the ‘Great Depression’ in the United States of America (USA)
and the ‘Credit Crunch’ in the United Kingdom (UK). Second, the article highlights the importance of
deposit protection schemes when credit unions face financial difficulties in the USA, UK and the Republic of
Ireland (Ireland).