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This module is an introductory course, focusing on the principles and selective regulations relating to the complex landscape of financial services. Modern financial services comprise of direct intermediated services, such as offered by banks, and indirectly intermediated services that engage with capital markets, as well as interactions between these modi. Fintech and financial innovation often challenge the boundaries and nature of directly and indirectly intermediated financial services. We will look at what purposes and functions are undertaken in direct and indirect intermediated services, and why they give rise to problems that are addressed by regulatory policy. Our study of regulatory policy involves discussion of principles distilled from regulatory texts and provisions as well as an appreciation of how they have evolved. Students will learn the basics of regulatory concepts, navigating a rather multilayered regulatory framework and the debates in policy shaping standards for financial services. The module provides a foundation for those who wish to study the law and regulation of financial services in more detail and at an advanced level in postgraduate programmes, and will also assist those you wish to work in finance or financial regulation both in the UK and more globally.

The module will be based principally on a textbook, John Armour et al, Principles of Financial Regulation (2016), with readings supplemented by regulatory texts, policy papers and journal articles. Students should be prepared to engage in a wide range of reading, and the reading load for the course is likely moderate to heavy.