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Published in:
2020 | OriginalPaper | Chapter
12. Regulating Banks and Insurance Companies
Author : Vasant Chintaman Joshi
Published in: Digital Finance, Bits and Bytes
Publisher: Springer Nature Singapore
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Abstract
Regulatory policies are at cross roads. In the USA, regulatory and supervisory apparatus is being dismantled. On the other hand, the authorities in the UK are thinking of strict supervision and even ring fencing of institutions if required.
A noteworthy development is of focus on customer behavior and a critical evaluation of various schemes and products through their impact on the customers is being brought into play. Behavioral sciences are playing an important role in this development. The establishment of the financial conduct authority and their articulation of behavioral aspect under study are steps in the right direction. Even countries like Australia are trying out these methods and one hopes that customers in the long run would stand to benefit and would be saved from nefarious activities of rogue traders coming up in the market.