PIR Seminar- After the Crisis: More Regulation, Better Regulation or Tougher Enforcement?
Speaker- Dr Or Raviv, School of Social Sciences
This paper rejects the implicit assumption of compliance and instead offers a detailed analysis of the post-crisis evolution of compliance monitoring and enforcement capacities of financial regulators in the UK. The paper finds that the legal and institutional reforms of the UK’s financial enforcement regime have not delivered the strengthened capacity or consistent practices necessary to adequately deter the type of fraudulent and criminal behaviour which was rampant in the lead-up to the crisis. The paper concludes therefore that the constitutive view of public policy has resulted in a misinformed debate on the appropriate policy responses to the crisis.