Backtesting to the Mid-1990s and Conclusions

Michael Grimwade

“Nothing in life is so exhilarating as to be shot at without result”

Winston Churchill, twice British Prime Minister during the 20th century

Looking back over the last 20 years or so is an informative way to consider the extent to which the emerging threats facing the industry have changed, and also the relative success of the responses of prior generations of politicians and bankers.


In the late 1980s and early 1990s the regulatory landscape in the UK was very complex, comprising the Bank of England, the London Stock Exchange and the Building Societies Commission, as well as a number of self-regulatory organisations, such as the Investment Management Regulatory Organisation (IMRO), the Personal Investment Authority (PIA) and the Securities and Futures Authority (SFA). In May 1997 the then Chancellor of the Exchequer announced the consolidation of the regulatory activities of these bodies into the Securities and Investments Board, which was renamed the Financial Services Authority (FSA). The FSA was subsequently split in 2012 into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

A key difference, however

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