bluuebunny/crossref_metadata_2025 huggingface dataset:
BUILDING COMPANY LOYALTY AND RETENTION THROUGH DIRECT MARKETING
Authors: Pottruck David S.
Published: January 2008

Direct marketing traditionally has been regarded as a powerful tool for attracting new customers. Today more and more companies are recognizing that it also can be extremely effective in retaining existing customers, winning their loyalty, and generating additional sales.
THE MARKETING OF ALTRUISTIC CAUSES: UNDERSTANDING WHY PEOPLE HELP
Authors: Guy Bonnie S.
Published: January 2008

This article proposes that altruistic cause organizations must adopt a new marketing perspective in order to raise funds in an increasingly difficult environment. This new marketing perspective should begin with a basic understanding of motivations and behavior rather than the mere adoption of specific marketing techniques. The article attempts to provide some insight into donor behavior and suggests ways of translating this insight into marketing practice.
DIFFERENCES IN THE CONSUMER DECISION PROCESS FOR PROFESSIONAL VS. GENERIC SERVICES
Authors: Jeanne Hill C.
Published: January 2008

There are distinct differences between professional services and other services which affect the way consumers make purchase decisions about them. This paper discusses the differences using the consumer decision process as a framework. Strategy implications for the professional service provider are presented, and specific suggestions are offered to improve the efficiency of the exchange — thereby benefiting both the buyer and the service provider.
MEETING THE NEEDS OF SENIOR CITIZENS THROUGH LIFECARE COMMUNITIES: MARRIOTT'S APPROACH TO THE DEVELOPMENT OF A NEW SERVICE BUSINESS
Authors: Camacho Frank E.
Published: January 2008

The development of new business opportunities is a systematic process at Marriott Corporation. It has, over the last five years, resulted in the launching of Courtyard hotels, Marriott Suites, and Fairfield Inns, the company's latest lodging product. This sytematic process has also been applied outside the lodging field, specifically in the development of a new business called Lifecare.
THE IMPORTANCE CONSUMERS PLACE ON PROFESSIONAL SERVICES
Authors: Webster Cynthia
Published: January 2008

A relevant, timely issue in the professional services area is that of marketing. Should professional service providers actively market their services? And, if so, how? Many professionals have already stepped into the marketing arena, but without first understanding the nature of their target market(s). This article concentrates on one area of the user market that should be known and understood by all professional service marketers: What level of consumer interest or perceived personal importance typifies the purchase of a professional service?
GUIDING PRINCIPLES FOR IMPROVING CUSTOMER SERVICE
Authors: Garfein Richard T.
Published: January 2008

Customer service is on many people's minds these days. There is more than just a growing sense that service in America leaves much to be desired and, in fact, has gotten worse over the past several years.
THE IDENTIFICATION OF EVALUATIVE CRITERIA AND CUES USED IN SELECTING SERVICES
Authors: Crane F.G. , Clarke T.K.
Published: January 2008

There has been extensive research conducted regarding the identification of evaluative criteria and cues used in selecting products classified as goods, yet there has been little research on products classified as services. Marketing managers accept the notion that there are some controllable and uncontrollable variables in the environment that will impact on the consumer's perceptions of their product offering. If marketers can understand which criteria are used to evaluate a product, in this case a service, and can identify which cues are used to assess the criteria, they will he better able to manage and influence the consumer's evaluations and perceptions of the offering. This study takes an integrated look at the evaluative criteria and cues used by consumers in selecting services.
WHO IS YOUR SATISFIED CUSTOMER?
Authors: Hanna Nessim , Wagle John S.
Published: January 2008

What causes consumer satisfaction or dissatisfaction with a product? Two psychological theories are provided as an explanation of the amount of perceived satisfaction. By categorizing consumers on the basis of their “activation level,” the marketer can affect the amount of resulting satisfaction. Doing this may require adjusting pricing, promotional, and distribution policies to suit the categories of “high sensation seekers” and “low sensation seekers.” Marketers of services, among others, may find this consumer categorization process useful in developing made‐to‐measure offerings. Operators of shopping malls, hotels, travel agencies, car rental agencies, financial services, restaurants, and bars are naturals for the successful application of this concept.
REPRESENTATION OF THE ELDERLY IN ADVERTISING: CRISIS OR INCONSEQUENCE?
Authors: Greco Alan J.
Published: January 2008

Advertisers have been criticized for underrepresenting the elderly in print ads and television commercials. What critics often overlook, however, are audience and product considerations along with the effectiveness of older spokespersons in influencing intent to purchase among elderly and younger consumers. This article examines what is currently known about the use of older persons in advertising and extends these findings by reporting the views of advertising agency executives on this topic. From the results of these studies, an audience‐product matrix with examples is provided to help put the advertiser's position into perspective. According to the literature reviewed and the perceptions of advertising agency executives, the use of elderly spokespersons tends to work best when the product or service can be targeted to elderly consumers and the products or services themselves are elderly‐oriented. There is some evidence to suggest that elderly persons are used in advertisements not because advertisers want to represent the elderly, but rather when these spokespersons can sell the product.
HOW SERVICE MARKETERS CAN IDENTIFY VALUE‐ENHANCING SERVICE ELEMENTS
Authors: Randall Brandt D.
Published: January 2008

Some service elements and processes address the minimal requirements and expectations of customers, while others go a step further to add value to the service experience. This article describes and illustrates a simple method of looking at customer satisfaction survey data that service marketers can use to distinguish minimum requirements from value enhancements.
FEAR APPEALS AS ADVERTISING STRATEGY: SHOULD THEY BE USED?
Authors: LaTour Michael S. , Zahra Shaker A.
Published: January 2008

Review of various models of the fear communication process and research on the effectiveness of fear appeals indicates that fear arousal is a complex, individually unique emotion. Inconsistent results concerning the impact of fear appeals in consumer behavior are noted. Issues arising from employing fear appeals in advertising are outlined and practical guidelines for their use are presented.
A COMPANY STUDY Green Stamps: A Case Study
Authors: Pollack Mary
Published: January 2008

Many people undoubtedly assume that S&H Green Stamps have gone out of business. That's far from the case. It is an almost $200 million‐a‐year business, and it's about to be reborn.
“I CAN DO IT MYSELF:” TRAINING THE SERVICE CONSUMER TO CONTRIBUTE TO SERVICE PRODUCTIVITY
Authors: Goodwin Cathy
Published: January 2008

Scene I: A major hotel. 1. Guest A called the desk right after check‐in to report a burned‐out light bulb and an absence of hot water; both were fixed in an hour. Guest A also slept better, as the hotel assigned him a quiet room when he identified himself as a light sleeper. Guest B did not communicate to management until check‐out time, when he complained that there was no hot water and he had to read in the dark; he was overheard by new guests checking in, who asked if the hotel was undergoing a disaster.
THE SINGLE MARKET IN EUROPE: AN EXAMINATION OF THE ARRANGEMENTS FOR POLICING FINANCIAL SERVICES
Authors: CHANCE MICHAEL
Published: January 2008

This paper looks at the principal investigatory powers, both criminal and regulatory, available in the policing of the commercial, banking, insurance and financial services markets in the UK. It comments on the differing provisions concerning the admissibility of answers given in interviews under the various powers. Bearing in mind the commencement of the Single European Market in 1993, the relevant legislation affecting international cooperation between investigators, again both criminal and regulatory, is also examined.
THE NEW SETTLEMENT UNDER THE FINANCIAL SERVICES ACT 1986
Authors: ASHALL PAULINE
Published: January 2008

The paper begins by describing the background to, and effect of, the Financial Services Act 1986 (FSA). It goes on to consider both the need for change to the regulatory system established by the FSA, and the New Settlement which emerged as a result of the FSA's shortcomings. The author evaluates the effectiveness of the New Settlement and concludes by considering the continuing pressures for changes to the FSA which exist.
FUTURES AND OPTIONS: REGULATORY AND DERIVATIVE ISSUES
Authors: CULLEN IAIN
Published: January 2008

This paper describes the current status of the Securities & Investments Board (SIB) Regulations relating to futures and options funds (FOFs) and geared futures and options funds (GFOFs) and addresses the need for amendments to accommodate guarantees and performance fees. It also considers the position of trustees in relation to futures brokers' terms of business and outlines ways in which trustees of GFOFs can protect themselves against having to bear an excess of liabilities over assets.
THE REGULATORY ROLE OF THE INDEPENDENT TELEVISION COMMISSION
Authors: REDLEY MICHAEL
Published: January 2008

The paper discusses the operation of the Broadcasting Act 1990 as it affects the regulation of commercial television broadcasting in the UK. It considers the scope of the Independent Television Commission's powers and the way they have been exercised in some of the main areas of responsibility in the 18 months since the Commission was established. It also deals with some of the issues which have been so far raised by the new regulatory regime.
JUDICIAL REVIEW AND THE SACRED COW OF SELF‐REGULATION
Authors: MIDDLEBURGH JONATHAN
Published: January 2008

In recent years there has been a series of decisions considering the extent to which the self‐regidatory organisations (SROs) are amenable to judicial review. This briefing surveys those decision and highlights the restrictive nature of judicial review of SROs. The author discusses the reasons for non‐intervention by the courts and suggests that the courts may be paying too much deference to self‐regulation.
COMPLIANCE BRIEFING
Authors: WEAITT MATTHEW
Published: January 2008

The aim of the compliance section of The International Journal of Regulatory Law & Practice is that it be informative, analytical and relevant. This is based on the belief that corporate compliance should not merely be a matter of interest to compliance officers, but of interest to all those working in the financial services industry, in whatever capacity. Because the Journal intends to be responsive to issues of contemporary concern and to reflect matters of interest to all its subscribers, it welcomes suggestions for contributions. Enquiries should be made to the Compliance Editor, The International Journal of Regulatory Law &: Practice, Henry Stewart Publications, 2/3 Cornwall Terrace, London, UK, NW1 4QP.
THE PHILOSOPHY AND RATIONALE OF THE FREEDOM AND RESPONSIBILITY OF THE PRESS BILL
Authors: SOLEY CLIVE
Published: January 2008

When I drew fourth place in the ballot for Private Members' Bills I decided that it was an excellent opportunity for wide‐ranging debate on the role and structure of the press in the UK, and for legislation on the press.
A CASE AGAINST PRIVACY LEGISLATION FROM THE PERSPECTIVE OF THE REGIONAL PRESS
Authors: PARKER KEITH
Published: January 2008

The paper sets out the reasons for the opposition of the Guild of British Newspaper Editors to the imposition of privacy legislation. In doing so, it first examines five recent stories arguing that the publication of each in the press can be justified as being in the public interest. It then considers the effect of any new privacy legislation which would in the view of the Guild not only probably fail to prevent stories from being released but also be damaging to the working of an open society.
REGULATING THE LIBERALISED TELECOMMUNICATIONS SECTOR
Authors: SCOTT COLIN
Published: January 2008

After considering the background to the regulation of the telecommunications industry, the paper examines the promotion of competition and protection of consumers in the sector. It concludes with the view that Oftel is seeking to develop a more robust style of regulation and is a likely model for other EC Member States.
TOWARDS A POLICY ON FINES AND DISCIPLINE: THE DISCIPLINING RECORD OF IMRO AND THE SFA
Authors: ADAMS GARETH
Published: January 2008

In many ways 1991 was a record year for the self‐regulatory regime set up under the Financial Services Act 1986 (FSA). Not only did the Investment Compensation Scheme pay out a record sum to investors, but the various self‐regulating organisations (SROs) levied fines and awarded costs at unprecedented levels. This paper looks at the disciplining record of two of the four SROs: the Investment Management Regulatory Organisation (IMRO) and the Securities and Futures Authority (SFA). The Life Assurance and Unit Trust Regulatory Organisation (LAUTRO) took on board the ability to levy fines in December 1991 and in many ways is not a good comparison. The disciplinary record of the Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA) revolves around the suspension and release from suspension of member firms, and, again provides little scope for constructive comment.
UNITED STATES BANK FAILURE POLICY
Authors: GARTEN HELEN A.
Published: January 2008

Bank failure in the USA is inextricably linked to the US system of federally administered deposit insurance, a fact that explains both its past successes and its recent limitations. Historically, the deposit insurance guarantee has reduced the risk of bank failures caused by panic rum by insured depositors, while the Government's dispositions of failed banks have minimised other forms of market disruption resulting from bank failure. Recently, however, the escalating cost of failure resolution has increased political pressure to limit public intervention in failed banks to the narrow function of protecting insured depositors. This paper describes how this constraint is likely to affect future Governmental response to bank failure.
NATIONAL WASTE POLICIES IN EUROPE AND THEIR EFFECT ON THE UNITED KINGDOM PAPER AND BOARD INDUSTRY
Authors: COOPER IAN
Published: January 2008

Environmental legislation is creating a new role for recycling as a means of combating the growing problem of waste disposal But unilateral action by Germany and a number of other members of the European Community to collect waste paper and board at public expense is causing grave problems for paper and board makers in the UK where recycling as an instrument of public policy does not exist. As a result, they face a severe raw material cost disadvantage when compared with their counter‐parts on the Continent. Unless this competitive imbalance is corrected, Britain will forfeit major sections of its paper and board industry. The nature of this crisis is explained, and its setting in the context of changing international attitudes to waste established.
THE INSURANCE OMBUDSMAN BUREAU AND THE PUBLIC: GREAT EXPECTATIONS
Authors: MITCHELL CAROLINE
Published: January 2008

The Insurance Ombudsman Bureau was the first of the ‘commercial’ Ombudsman schemes and provided a model for those which came after. The Ombudsman has very wide powers to enable him to investigate and decide upon complaints by policy‐holders against their insurers. However, not unnaturally perhaps, no scheme like this can do everything that might be expected of it and this paper explores those areas where the IOB's ability to help members of the public falls short of expectation.
PENSIONS LAW REFORM AFTER MAXWELL: THE POSSIBLE CONTENT OF NEW PENSIONS REGULATIONS FOLLOWING THE MAXWELL CASE
Authors: ELLISON ROBIN
Published: January 2008

This paper describes the legal background to the Maxwell scandal in which about £500m of pension fund money was stolen, analyses some of the supposed flaws in the current arrangements for the regulation of pension schemes, and suggests possible revisions to the current law, anticipating the report of the Goode Committee on Pensions Law Reform, due in late 1993.
THE RIGHT OF REPLY TO TRANSFRONTIER TELEVISION BROADCASTS: A TWO‐SPEED EUROPE
Authors: PORTER VINCENT , GABRIEL MARTIN
Published: January 2008

As the Council of Europe and the European Community (EC) both failed to introduce a standard right of reply for transfrontier television broadcasts, national systems prevail. They present no underlying theme common to all jurisdictions. Many EC states offer a complainant the right to have his or her own corrective answer broadcast. A uniform provision for this could have been agreed or failing that, a protocol for a simpler right of correction. The UK Government's unwillingness to accommodate any such rights blocked progress towards standardising procedures. As a result, there is now confusion over the meaning of a right of reply for transfrontier broadcasts and how it should be exercised.
SROS: A COMPLIANCE OFFICER'S PERSPECTIVE
Authors: LINSLEY SAMANTHA
Published: January 2008

Against the background of change and debate over the future structure of regulation of the financial services industry, this paper examines the self‐regulating organisations (SROs) established wider the Financial Services Act 1986 from a compliance officer's perspective. The paper analyses the size of membership of each of the four SROs and the monitoring of investment business, SRO rulebooks and the ‘New Settlement’, the status and reputation of the four organisations. It concludes that the future of the SROs may depend upon the outcome of the wider ‘regulatory fragmentation’ argument and the successful creation of a new retail SRO.
A DUTY TO PROTECT FROM VIOLENT BEHAVIOUR: THE HEALTH AND SAFETY AT WORK ACT 1974 AND HOSPITAL SECURITY
Authors: ROGERS KENNETH
Published: January 2008

This paper in the main considers safety of staff within hospitals, although many of the problems faced by staff, particularly nurses, are experienced in a variety of organisations which come in close contact with the public and are therefore applicable to them. In the paper legislation in the Health and Safety at Work Act 1974 (HSAWA) is examined in the context of the safety of individuals in hospitals. Hospital authorites owe a duty of care to staff to identify the nature and extent of all risks and to provide a safe working environment. This is a question not only of common law but also of civil liability and of statute criminal liability under HSAWA. At common law employing authorities who fail to take reasonable care for the safety and welfare of staff or, who by negligent act or default create a situation in which employees are placed in danger, may find themselves open to charges of negligence, ordered to pay damages for any injury sustained and be accountable to law. It is the legal duty of employing authorities to take such care. The Criminal Injuries Compensation Board (CICB) may provide the victim with what amounts to damages if he or she suffered injury through another persons criminal act.
GENERATING COMPETITION IN THE ELECTRICITY INDUSTRY
Authors: HALLILEY MARK
Published: January 2008

The privatisation of the electricity industry was badly flawed. It created a generating duopoly in the form of National Power and Powergen. These two companies have a degree of control which is incompatible with the concept of the open market and which is detrimental to the interests of the consumer. Given the power of that duopoly, it is doubtful whether the Governmental regulatory authority, OFFER, can effect real change without a referral to the Monopolies and Mergers Commission.
EFFECTIVE COMPLIANCE V REGULATORY GESTATION
Authors: HAGLAND AMSI MIMgt GARY
Published: January 2008

After first examining what compliance is, the paper goes on to look at the demands of regulators on compliance offices and, in particular, the different advice and requirements of SROs. The author considers the lack of consistency shown by regulators over training and competence, money market dealers and investigative procedures, as well as the conflict between fiduciary duties and regulatory rides, before concluding that SROs need to co‐ordinate their approaches if the problems caused by regulatory disharmony are to be overcome.
ENSURING SALES FORCES PROVIDE BEST ADVICE
Authors: NICHOLLS DAVID
Published: January 2008

The purpose of this paper is to explain the standards required of saleforces under the Lautro Rules when giving advice; to explore how and why these standards have not always been achieved; and to discuss ways in which Lautro members can establish and maintain procedures to maximise investor protections. The views expressed are those of the author himself and not necessarily those of Lautro.
AN APPROACH TO THE INTERNAL REGULATION OF THE CORPORATION: A CRITICAL ANALYSIS OF THE RECOMMENDATIONS OF THE CADBURY COMMITTEE
Authors: STANLEY CHRISTOPHER
Published: January 2008

This paper is concerned with the recommendations of the Committee on the Financial Aspects of Corporate Governance under the Chairmanship of Sir Adrian Cadbury (Final Report 1st December, 1992). The paper analyses the recommendations of the Committee with particular reference to the establishment of a Code of Practice and offers a critical evaluation of the Committees proposals within the broader frame of the internal regulation of corporate power. It specifically analyses the recommendations made with regard to auditors' liability and offers an assessment of the importance of gaining a regulatory perspective on the operation of the accounting profession with regard to the auditing of public companies.
REGULATORS AND OMBUDSMEN: ACCESS AND VISIBILITY
Authors: GIDDINGS PHILIP
Published: January 2008

This paper examines the role of regulators and ombudsmen in dealing with complaints in the light of the requirement of Britain's ‘Citizen's Charter’. It considers in particular the arrangements for ensuring that potential complainants know of the systems available and the way to put them into operation. Both public and private sector ombudsmen are reviewed and comparison is made with systems overseas. It is argued that in the light of those comparisons the British complaints industry could go much further to reach out to citizens and customers seeking redress.
COMMENT: THE GOODE REPORT
Authors: HARRISON DEBBIE
Published: January 2008

The main recommendation of the Report of the Pension Law Review Committee is that trust law will continue to provide the basic structure for occupational pensions in the UK but it will be strengthened by a pensions act administered by a pensions regulator. The Report also proposes minimum solvency rules and, where a fund does fail, a compensation scheme to cover fraud, theft and other misappropriations. In addition, it calls for the role of trustees to be enhanced and for scheme members to have a legal right to representation on the board and greater access to information.
EC REGULATION OF UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS)
Authors: RUSHBROOKE JUSTIN
Published: January 2008

A large amount of legislation in the field of EC banking and financial services has been produced in preparation for the 1993 deadline for a single market. In some areas the legislative programme has been more successful than in others. This paper examines one field, that of regulation of undertakings for collective investment in transferable securities — more commonly known in this country as unit trusts — and shows how far the aims of the single market legislators have been, and can realistically be, achieved in this context.
GOVERNMENT AND THE FINANCIAL SERVICES INDUSTRY
Authors: DARLING ALISTAIR
Published: January 2008

At the outset let me say that I do not believe that it is the job of Government to substitute its commercial judgment for that of individuals, or indeed the financial services industry in general. A Government should, of course, have an economic overview. Only the Government can ensure that the workforce is sufficiently educated and trained and that there is an efficient transport infrastructure for example. The market, if it works effectively, will continue to develop new products and that is something to be encouraged.
FIVE WAYS OUT OF TAX: AN ANALYSIS OF AVOIDANCE DEVICES
Authors: MANSFIELD GRAHAM
Published: January 2008

This paper is about apparent failure in an aspect of financial regulation: non‐compliance with regard to taxation. An idealised compliance model of tax advice, from the Inland Revenue perspective, merely involves application of revenue law to the facts to determine fiscal liabilities. A less compliant approach involves, for example, creative accounting to amend figures and so reduce such liabilities. The focus here, however, is on legal creativity to reduce or even cancel tax bills: just how tax advisers match, mismatch or rematch their clients' facts interactively with malle‐able interpretations of both revenue and other laws. Following classification of various tax devices — with three examples for each of five categories — recurrent concepts, themes and techniques of avoidance are then further analysed. This analysis not only confirms that legal creativity makes compliance problematic but also offers a novel exposition of just how that paradoxical use of the law occurs.
FUTURE ROLE OF THE FINANCE DIRECTOR
Authors: TRAPP ROGER
Published: January 2008

The paper argues that the role of the finance director — hitherto confined primarily to ensuring that controls are complied with and that ‘the numbers’ add up — is going through a period of unprecedented change. As the job description is broadened to include such matters as fashioning corporate strategy and handling investor relations the training provided by the accountancy route is called into question.
SETTING THE RIGHT COMPLIANCE CULTURE
Authors: MILROY MA FCA PETER
Published: January 2008

The paper examines the basic approaches to compliance in UK investment businesses and how they affect the role of the compliance officer. Many organisations seek to impose compliance disciplines through a strong, central compliance department. This approach may have been successful in the past. However, in the long run, a firm will not be able to follow the regulations effectively and efficiently until compliance becomes part of its culture. Many organisations have not yet recognised the need to change their approach.
DATA PROTECTION AND THE USE OF PERSONAL DATA BY FINANCIAL INSTITUTIONS
Authors: LAMIDEY MBE JOHN
Published: January 2008

In the light of the First Principle contained within the 1984 Data Protection Act, the Data Protection Registrar is concerned about some of the current practices being carried out within the financial sector. His staff would like to reach agreement with the financial sector so that the Registrar can be satisfied that their disclosure of information to third parties is done fairly and lawfully. This paper sets out some of the areas of concern, and a detailed account of the Registrar's view.
THE BANKING OMBUDSMAN SCHEME
Authors: CLARKE CATHERINE
Published: January 2008

This paper examines the role of the Banking Ombudsman in dealing with complaints about banking services. It describes the procedures for investigating eligible complaints and considers the overlap with other Ombudsman schemes, in particular those of the Building Societies and Insurance Ombudsmen.
PENSION TRANSFERS: AN OVERVIEW
Authors: MORRIS SIMON
Published: January 2008

The issue of pension transfers, which has leapt into prominence in recent months, raises complex and novel issues, albeit in relation to alleged breaches of long established rules. A pilot study of one aspect of pension transfer sales commissioned by Securities & Investments Board (SIB) has identified significant concerns over the quality of advice given, which in turn raises the possibility that a number of investors may have been disadvantaged, although this cannot be determined from study of the files alone. The apparently widescale breaches, and the potential magnitude of compensation that may be required, are a major concern for a number of product companies and Independent Financial Advisers (IFAs) and this situation is being monitored by the Department of Trade and Industry (DTI). This paper aims to provide an overview of the issues and to suggest some steps that affected firms may consider taking.
IMPLEMENTING COMPLIANCE AND REGULATION TRAINING
Authors: MCLEOD IAIN
Published: January 2008

The paper outlines some examples of how firms are responding to the challenge of presenting regulation and compliance as positive and worthwhile business issues.
THE INSURANCE OMBUDSMAN BUREAU AND FINANCIAL SERVICES DISPUTES — AN OBITUARY?
Authors: MUNRO NEIL
Published: January 2008

This paper examines what the financial services industry expects from the Insurance Ombudsman Bureau. It measures the IOB's success in meeting these expectations against the yardsticks of public confidence and cost‐effectiveness. In the light of Lord Ackner's recently accepted recommendation that the IOB be replaced by a new Ombudsman scheme, this paper concludes that the IOB has failed' the industry by asserting the functions for which it was originally created.
THE MONEY LAUNDERING REGULATIONS 1993: THEIR IMPLEMENTATION AND IMPLICATIONS FOR SECURITIES HOUSES
Authors: HAGLAND GARY
Published: January 2008

The international banking and financial system is finding itself in the front line of the war being waged internationally against the money launderers. Traditional concepts of banking secrecy are being undermined as governments struggle to preserve the integrity of the banking system. The war is on a vast scale. The Financial Action Task Force (created in 1989 by the seven major industrial nations and the President of the European Commission) estimated that the amount of money being laundered through the financial system was US$85bn per year. The extent of the problem was recognised in the International Narcotics Control Strategy Report for 1993 which found that eight of the world's major money laundering states are located in Europe. Europe has responded to the growing crisis in the financial sector with the Money Laundering Directive which was due to be fully implemented across the Community by 1st January, 1993. The Directive which applies to credit institutions and financial institutions, including community based branches of non‐Community institutions, reflects a number of key international initiatives and attempts to harmonise the anti‐money laundering legislation of the member states, though with varied success. This paper reviews developments within the UK since the Drug Trafficking Offences Act 1986 which marked the beginning of the Governments campaign to deprive criminals of the fruits of their crime and which has culminated in parts I to IV of the Criminal Justice Act 1993 (CJA 1993), which received Royal Assent on 27th July, 1993. The key money laundering provisions of the CJA 1993 have been introduced piecemeal, but have all been in force since 1st April, 1994. The aim of this paper is to assess the significance and impact of the CJA 1993 and the Money Laundering Regulations upon securities houses' business and to examine related practical and managerial problems encountered as a result of the new legislation. It also questions in particular the role and responsibility of the compliance officer in relation to prevention.
RECENT DEVELOPMENTS IN IMRO'S ENFORCEMENT ACTIVITIES
Authors: WATERS DANIEL F.
Published: January 2008

In March 1994 the Investment Management Regulatory Organisation (IMRO)1 published its Regulatory Plan for 1994/ 95. The Plan followed six months of intensive internal review at IMRO involving the entire IMRO staff. The Plan reaffirms IMRO's fundamental purpose of investor protection, and identifies specific strategies for accomplishing IMRO's regulatory mission during the course of the coming year. The Plan seeks to create a culture of accountability at IMRO. By making its operations and decisions more transparent, IMRO hopes to ensure that investor protection is delivered to a very high standard. This focuses on a number of important initiatives that IMRO is undertaking to increase the effectiveness and accountability of its enforcement activities. The principal steps are: publication of an IMRO Disciplinary Policy Statement, including guidelines on fining policy; restructuring of the IMRO disciplinary processes to enhance efficiency and effectiveness; and publication of new performance measures on IMRO investigations and disciplinary cases.
THE PIA: STOP‐GAP OR LASTING SOLUTION?
Authors: HALL MAXIMILIAN J.B.
Published: January 2008

In June 1994, and despite serions misgivings front the finance industry and investors alike, the Personal Investment Authority (PIA) was ‘recognised’ as the new retail self‐regulatory organisation (SRO)for the investment business industry in the UK. This paper traces the background to this event and the development of the PIA from inauguration to recognition. It also examines the concerns expressed by its critics and the findings of the all‐party Treasury and Civil Service Committee, which produced an interim report on the subject. It concludes by considering some alternative reform proposals and asking what the future holds for the PIA.
CITY DISPUTES PANEL: SPECIALIST ARBITRATION FOR THE FINANCIAL SERVICES INDUSTRY
Authors: CROSSFIELD ANNE
Published: January 2008

This paper, based on an interview with Richard Freeman, describes the creation and development of the City Disputes Panel (CDP). It is the initiative of Richard Freeman, a solicitor and former merchant banker. The Panel will offer arbitration, mediation and expert determination procedures for dealing with wholesale markets disputes such as may arise in the context of many financial services transactions. Current methods for dealing with such disputes comprise compliance investigations followed by resort to litigation which is costly and time‐consuming. The CDP will offer a suitable forum of financial and legal experts to deal with such disputes effectively and expeditiously.
FINANCIAL DEREGULATION AND ECONOMIC ANOMIE
Authors: STANLEY CHRISTOPHER
Published: January 2008

This paper pursues the thesis which the author has previously developed under the title ‘The Legitimation of Deviance in the Financial Markets’. This thesis suggests alternative forms of analysing the rela‐tionship between government and capital markets with reference to deviant activity. It is suggested that the processes of political and economic deregulation have involved an enhancement in the complexity in the structure of power relations and in a moral and ethical indetermination in the propagation and promulgation of norms and behaviour. This paper develops the original thesis regarding the appropriateness of the application of the sociological concept of anomie in understanding the configuration between internal and external deviant motivation.
REGINA v INVESTORS COMPENSATION BOARD EX PARTE BOWDEN & ANOTHER
Authors: Balcombe  , LJJ Rose , Hutchison J
Published: January 2008

A number of investors, among them the appellants in this case, took out ‘home income plans’ (HIPs) promoted by insurance brokers who were FIMBRA members. Mortgage loans were raised under these plans on the security of the appellants' homes and the capital so obtained was invested in income producing equity linked single premium investment bonds. The values of property and equities then fell, interest rates rose sharply and the appellants' sustained serious losses in that they were left with mortgage liabilities they could not meet.
(1) WESTDEUTSCHE LANDESBANK GIROZENTRALE v ISLINGTON LONDON BOROUGH COUNCIL
Authors: LJ Dillon , LJ Leggatt , LJ Kennedy
Published: January 2008

Westdeutsche Landesbank Girozentrale (hereinafter referred to as ‘the Bank’) entered into a ten‐year interest rate swap agreement with Islington London Borough Council (hereinafter referred to as ‘the Council’).
THE PRACTICAL COMPLIANCE OFFICER: TECHNICALITY VERSUS COMMERCIALITY
Authors: MCMURRAY GORDON
Published: January 2008

The purpose of this paper is to stimulate the thought processes of staff employed within compliance functions, and to act as a reminder that the technicalities of operating within the complex financial services area can be balanced with the commercial demands of their respective companies. The author considers the various issues that can be encountered and the means by which to attempt to strike an acceptable compromise.
FINANCIAL SERVICES: DRAFTING PRIVATE CLIENT AGREEMENTS
Authors: GRAY JOANNA
Published: January 2008

Investment businesses and their advisers, have gone through the trauma of the new settlement in financial services regulation and emerged into a brave new dawn of what is supposedly less burdensome regulation. The major regulatory challenge on the horizon is adjusting to life under yet another new regulator and securing compliance with yet another new set of standards once the Personal Investments Authority (PIA) has overcome its well publicised teething difficulties. However, investment businesses need to keep their compliance arrangements and the legal structure of their client relationships under regular review. This paper raises some issues to be borne in mind when drafting client agreements, in particular the written two‐way customer agreements that the Securities and Investment Board (SIB) Core Conduct of Business Rules require in the case of private discretionary management clients (SIB Core Conduct of Business Rules (CCBR) 14.2).
THE CAPITAL ADEQUACY REGULATION OF US BROKER‐DEALERS: A COMPARATIVE ANALYSIS — PART 2
Authors: DALE RICHARD
Published: January 2008

As financial markets across the world become more integrated, the potential for financial shocks to be transmitted both from one jurisdiction to another and from one financial sector to another increases. At the same time differences in national regulatory arrangements can be the source of important competitive distortions between financial institutions. Against this background national authorities have been seeking to coordinate the regulation of securities firms and of batiks undertaking securities business. This paper, which is published in two parts, aims to clarify some of the policy issues arising from recent convergence initiatives by examining the US capital adequacy rules for US investment firms and contrasting the US approach with European securities regulation as formulated in the Capital Adequacy Directive. The first part of this paper was published in the previous issue of Journal of Financial Regulation and Compliance.
MORGAN GRENFELL & CO LTD V WELWYN HATFIELD DISTRICT COUNCIL (ISLINGTON LONDON BOROUGH COUNCIL, THIRD PARTY)
Authors: HOBHOUSE J
Published: January 2008

Morgan Grenfell & Co Ltd (Morgan Grenfell) entered into a ten‐year interest rate swap contract with Welwyn Hatfield District Council (Welwyn) on the basis that Morgan Grenfell would be the fixed rate payer and Welwyn, the floating rate payer.
GRANT ADAMS V THE QUEEN
Authors: TEMPLEMAN LORD , JAUNCEY OF TULICHETTLE LORD , BROWNE‐WILKINSON LORD , WOOLF LORD , LLOYD OF BERWICK LORD , Gray Joanna
Published: January 2008

This appeal to the Judicial Committee of the Privy Council (JCPC), which is still the highest court of appeal for certain Commonwealth jurisdictions, concerned conduct associated with the Equiticorp group of companies. Equiticorp Holdings Ltd (EHL), the holding company in the group, was formed in March 1984 and went public in June 1984. Its accounts, as at 31st March, 1987, showed total assets of $2.167bn and a group net profit after tax of $104.9m. On 22nd January, 1989, the whole group was placed into statutory receivership and the shares in EHL became worthless. The chairman of the Board of EHL and managing director, a Mr Hawkins, along with companies associated with him, controlled 40 per cent of EHL shares throughout the whole saga.
THE BARINGS CRISIS: SOME LESSONS FOR THE MANAGEMENT OF TRADING RISKS IN FINANCIAL INTERMEDIARIES
Authors: TAYLOR MICHAEL
Published: January 2008

The collapse of Barings Bank in February this year provided a stark illustration of the need for adequate systems and controls in managing trading risks. This paper reviews the current advice on best practice from regulators, industry groups and government agencies. It emphasises the importance of strong corporate governance, the need for a strong risk management infrastructure, and suggests ways in which the incentives for excessive risk‐taking generated by existing systems of bonus payments might be corrected. The paper also recommends each firm perform an annual risk control assessment under the direction of its audit committee. It concludes by arguing that enhanced public disclosure has an essential role to play in providing an additional discipline on the board and senior management to ensure the adequacy of systems and controls.
ANALYSING THE NEW POWERS GIVEN TO BUILDING SOCIETIES
Authors: CROWTHER STEVE
Published: January 2008

The purpose of this paper is to look at what is currently being considered and debated in the building society industry. It focuses more on proposed changes rather than on actual new powers that have been given to societies. (The paper was written prior to the announcement of the Leeds and Halifax merger and, more importantly, their conversion from mutuality — this has tempered the outlook on the future somewhat.)
NEW ZEALAND GUARDIAN TRUST CO LTD V KENNETH STEWART BROOKS AND OTHERS
Authors: of KINKEL LORD Keith , OLIVER OF AYLMERTON LORD , MUSTILL LORD , LLOYD OF BERWICK LORD , NICHOLLS OF BIRKENHEAD LORD
Published: January 2008

Budget Rent A Car Ltd (Budget) borrowed money from a consortium of financiers and bankers. The advance was secured by a debenture trust deed dated 5th May, 1987, entered into between Budget, Budget Lease Management (Car Sales) Ltd and the Appellant, New Zealand Guardian Trust Co Ltd (the Trust Company). The holders of the debenture were the lenders involved in the consortium. The total sum advanced was £17.25m.
MELTON MEDES LTD AND ANOTHER V SECURITIES AND INVESTMENTS BOARD
Authors: LIGHTMAN J , Gray Joanna
Published: January 2008

The second Plaintiff, Melton Medes Pension Trustees Ltd had in 1986 loaned some £5m from pension funds under its administration to the first Plaintiff, Melton Medes Ltd. It was in respect of this loan and its repayment that, in 1992, certain of the pension fund beneficiaries brought civil proceedings against the Plaintiffs in this action seeking compensation for losses to the fund, and proceedings against two of the directors of the Plaintiff companies seeking disclosure order, injunctive relief and appointment of a judicial trustee. These proceedings were consolidated into one action which is referred to throughout the judgment as ‘the beneficiaries' action’. Also in 1992 the Investment Management Regulatory Organisation (IMRO) investigated the affairs of the second Plaintiff which led in turn to a formal Securities and Investments Board (SIB) investigation pursuant to ss. 105 and 106 Financial Services Act (FSA) 1986. The loan which was the subject of the beneficiaries' action also formed a large part of the SIB investigation.
ECONOMIC CRIME: BEYOND GOOD AND EVIL
Authors: ANGELL IAN O.
Published: January 2008

This polemical essay is an extended and more coherent version (what he would like to have said, rather than what he actually said) of the intervention made by the author at the 13th International Symposium on Economic Crime, held at the Guildhall, Cambridge, England on 13th September, 1995. It is his reaction against the moralising sentimentality of the Western law officers (police, lawyers and tax collectors) he saw speaking at the symposium.
HOW THE INVESTMENT SERVICES DIRECTIVE (ISD) IS BEING IMPLEMENTED IN THE NETHERLANDS AND WHAT IS EXPECTED
Authors: BOUMA PETER
Published: January 2008

This paper gives information and clarification of the situation in the Netherlands concerning the implementation of the ISD, it also touches upon the Capital Adequacy Directive (CAD). The paper is based on a speech given to the Euroforum Conference 25th–26th September, 1995. At that time some subjects still had to be sorted out and it is possible that in the months before 31st December, 1995, the dale of implementation of the ISD, things will change.
THE INTERNATIONAL EFFECT OF MONEY LAUNDERING LAWS
Authors: MORRIS‐COTTERILL NIGEL
Published: January 2008

Money laundering is the only way of getting the proceeds of criminal activity into the economy. Without it the criminal cannot profit from his endeavour. So, governments worldwide are trying to find new ways of preventing criminals profiting from their crimes. They are using hard law, they are using outreach provisions. They are creating new areas of risk for those engaged in all manner of trade both domestically and with any international aspect. This paper shows why.
REGINA V SECURITIES AND INVESTMENTS BOARD AND ANOTHER EX PARTE INDEPENDENT FINANCIAL ADVISERS ASSOCIATION AND LIBM LTD
Authors: LJ STAUGHTON , MITCHELL J , Gray Joanna
Published: January 2008

The origins of this litigation lay in the over‐selling of personal pensions that took place after April 1988. On 25th October, 1994, the Securities and Investments Board (SIB) published a long‐awaited statement, which it described as ‘guidance’. This statement was adopted on 5th November, 1994, by the Insurance Brokers Registration Council (IBRC), a recognised self‐regulating organisation (SRO) for the purposes of the Financial Services Act 1986.
MARKET RISK, CORPORATE GOVERNANCE AND THE REGULATION OF FINANCIAL FIRMS
Authors: CASSON PETER
Published: January 2008

The growth in derivative activities, and the change in the way financial firms conduct these activities, has led to the development of practices within firms to manage risk. These practices relate to both the organisational context in which risk management takes place, and the measurement of market risk. Proposals and recommendations have been made in a number of reports in an attempt to encourage firms to adopt best practice, as identified by the Group of Thirty, through public disclosure requirements and rides for determining the amount of regulatory capital to support trading and derivatives activities. The adoption of best practice, together with the benefits of increased transparency and more appropriate methods for determining capital requirements, is seen to lead to a reduction in systemic risk. This paper examines the main proposals and recommendations made in the reports. In particular, the use of market risk measurement models, developed for internal risk management purposes, for public disclosures of market risk and for calculating regulatory capital is critically examined.