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Is meta-regulation all it's cracked up to be? The case of UK financial regulation

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  • Folarin Akinbami

Abstract

One of the key components of regulatory regimes is the approach that the regulator adopts toward the supervision of the regulated. Regulators are therefore always looking for supervisory approaches that can increase compliance, by the regulated, with the requirements of the regulatory regime. Meta-regulation is one approach that has gained popularity in recent years. This article looks closely at the issues that arise when the regulated are closely involved in the regulatory process as a result of the use of meta-regulation. The article argues that the use of meta-regulation in the supervision of regulated firms is not unproblematic. The article uses the failures in UK financial regulation in the run-up to the global financial crisis as case studies to illustrate some of the problems that can arise with the use of meta-regulation, and analyzes some of the proposals for reforming UK financial regulation so as to overcome these problems.

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  • Folarin Akinbami, 2013. "Is meta-regulation all it's cracked up to be? The case of UK financial regulation," Journal of Banking Regulation, Palgrave Macmillan, vol. 14(1), pages 16-32, January.
    • Handle: RePEc:pal:jbkreg:v:14:y:2013:i:1:p:16-32
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    Cited by:

    1. Brooke Lahneman, 2018. "“Meta regulation in practice: Beyond normative views of morality and rationality” by F.C. Simon (Routledge, 2017)," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 213-218, March.
    2. Yiannis Anagnostopoulos & Jackie Kabeega, 2019. "Insider perspectives on European banking challenges in the post-crisis regulation environment," Journal of Banking Regulation, Palgrave Macmillan, vol. 20(2), pages 136-158, June.
    3. Carlos Madeira, 2023. "The evolution of macroprudential policy use in Chile, Latin America and the OECD," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(3), pages 357-380, September.
    4. Arien Hof, 2017. "Designing macroprudential regulation and supervision outside the scope of the banking union: Lessons from the Netherlands and Ireland," Journal of Banking Regulation, Palgrave Macmillan, vol. 18(3), pages 201-212, July.
    5. Folarin Akinbami & Franklin N Ngwu, 2016. "Overhauling the institutional structure of financial regulation in Nigeria: The unfinished reform," Journal of Banking Regulation, Palgrave Macmillan, vol. 17(4), pages 311-331, November.

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