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Essay / Research Paper Abstract
This 15 page paper looks at how banking, both at central bank level and on the high street, has changed as a result of legislation. The paper starts by considering the Bank of England from its' formation and how legislation has changed the role it plays and then looks at high street banks and the central bank and how they have had to respond to changes and increased competition. The bibliography cites 14 sources.
Page Count:
15 pages (~225 words per page)
File: TS14_TEbankleg1.rtf
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Unformatted sample text from the term paper:
increased as legislation has allowed mutual building societies to become banks and changes have eroded many of the protective barriers that we in place. The changes that have occurred have
been necessary to keep pace with other areas of industry and to meet the customers demands. Today banking policies are very different from many years ago. When banking first
began it was a privately controlled industry, without a central bank and as such subject to risks associated with unregulated businesses. Regulation has been needed to give the industry guidelines
to protect both consumers and the banks and to ensure there is confidence in the banking system. In this paper we will look at how and why regulations have
been necessary and how, as a result of this legislation being introduced, banks have had to change and adapt to remain competitive. The policy has been of increased control and
requirements as well as increased competition has also opened many opportunities, there have been an increasing number of mergers, such as that seen between Lloyds and TSB and also acquisition
as seen when Lloyds purchased Scottish Widows, the insurance company. The industry is one that is changing, and this change along with the strategy that is shaping that change is
made within and in response to legislation. With the banking industry highly regulated legislation cannot fail to impact on banking strategy. If we look to the history of banking
we can look to the days before there was any regulation and there were calls for a central bank to act. In this first section we will look at the
historical development of the Bank of England and the banking industry. For a true consideration the history to consider the Bank of England we need to go back to
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