영국의 금융개혁과 그 시사점

Abstract

The global financial system has faced with the worst crisis since the Great Depression. In UK, the period from Friday 14 September 2007 to Monday 17 September saw the first run on the retail deposits of a UK bank (Northern Rock) since Victorian times. In 1997, UK proposed a new system of financial regulation. The Financial Services and Markets Act 2000 created the regime for the single, independent, regulator for UK financial services, the Financial Services Authority(FSA). The recent crisis in the financial market required immediate action to make up for the weak points of the UK financial regulation. To respond the financial crisis, UK government introduced the new Banking Act. The UK financial reform sets out five key policy objectives: ▸ strengthening the stability and resilience of the financial system, in the UK and internationally; ▸ reducing the likelihood of individual banks facing difficulties; ▸ reducing the impact if, nevertheless, a bank gets into difficulties; ▸ providing effective compensation arrangements in which consumers have confidence; and ▸ strengthening the Bank of England, and ensuring effective coordinated action by the Authorities. The Banking Act 2009 is a framework for financial stability, under which a Tripartite Standing Committee of the Treasury, the FSA, and the Bank of England, is responsible for preserving systemic stability. This article provides an overview of the UK financial reform. It is primarily intended to analyses the content of Banking Act 2009 and to provide lessons for Korean financial regulation and supervision. The Banking Act 2009 provides measures on special resolution regime, bank insolvency, bank administration, financial services compensation scheme, inter-bank payment systems, and the financial stability role of the Bank of England.