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Essay / Research Paper Abstract
This 12 page paper examines the structure of the banking and financial services sector in the UK, looking to the industries that have created the current structure. This is then compared to the US, where the great depression impacted more deeply on the sector, and had reinforced greater separation and fragmentation, but where change is now occurring due to the Gramm-Leach-Bliley Act in 1999. The bibliography cites 10 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEfinserv.rtf
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Unformatted sample text from the term paper:
it exists. The mature market has seen growth in consumer demand with increased facilitates added by banks, and also by building societies as a result of their ability to become
banks and to offer current accounts. In general terms there has been a lack of regulation restricting business, but the development of consumer protection has been in place for
some time. If we look at the structure of the industry in the UK it can be seen as very different from that of the US, where the impact of
the Glass-Steagall Act which was passed in 1934 served to separate banking and financial services for many years until the passing of the Gramm-Leach-Bliley Act in 1999. First we will
look at the UK and then the US. In the UK the banks, building societies and financial institutions of all sorts may
be seen as acting as intermediaries. This role and the market developing around this role may be traced back to the times of mercantilism and the way in which the
demand has occurred over time. The term intermediary means someone who is a go between, in financial terms this can mean an individual or an organisation. Banks and building societies
may act a intermediaries as may different types of Insurance brokers (Howells et al, 1996). Some may specialise in the finding of loans sources whilst others may specialise in investments
and assurance or insurance products. Banks and building societies may also be seen as intermediaries as the go between that is placed between savers and borrowers. They attract
savers and then use the money saved to create funds available for borrowing, charging interest, some of which is then passed onto the saver (Howells et al, 1996). However it
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