Karen Rowlingson, Lindsey Appleyard and Jodi Gardner have written a report for the Financial Conduct Authority on the potential impact of capping the cost of payday lending in the UK.
A copy of the report can be found here: http://www.birmingham.ac.uk/Documents/college-social-sciences/social-policy/CHASM/2014/payday-lending-cap-paper-FCA-final.pdf
The following papers have been written by Jodi Gardner and Karen Rowlingson as part of the Responsible Lending and Borrowing workstream.
The first, by Jodi, is entitled ‘The Challenges of Regulating High-Cost, Short-Term Credit: A Comparison of UK and Australian Approaches’
The second, by Jodi and Karen, is entitled: ‘Towards a ‘cost of credit’ cap in the UK: Lessons from Australia’.
Download (PDF, 468KB)
Download (PDF, 366KB)
The accepted version of Andy Mullineux’s paper ‘Banking for the Public Good’ can be found here.
2nd FinCris Philosophers’ Workshop
22nd / 23rd June 2013, Scarman House, University of Warwick
Tom Sorell, James Dempsey, Peter French (by Skype), David Silver, Nick O’Donovan, Lena Rethel, Chris Cowton, Seumas Miller, Mark Hannam, Tim Fowler, Sajid Chaudhry, Antony Elliot, John Guelke, Leslie Sherratt.
This workshop followed on from the 1st workshop that we ran in November 2012. The aims were very similar – to discuss how theoretical accounts of responsibility can be applied to the financial crisis, and to do so in light of the progress made in November. In particular, to continue the themes developed Read more
Follow this link for the latest draft of a new paper written by Andy Mullineux on ‘Banking for the Public Good’.
Bank shareholders cannot be expected to provide good stewardship to banks because there is a conflict of interests between the shareholder owners and a non-mutually owned bank’s depositors; who provide the bulk of the funds in traditional retail banks and are willing to accept a lower return on their savings than shareholders, in return for lower risk exposure. Regulation is required to Read more
In this post James Dempsey and Tom Sorell, who are working on the ethics stream of the FinCris project, comment on some of the themes that have emerged from the work of the taxation stream of the project, led by Andy Mullineux.
- Taxation and the Financial Crisis
The financial crisis has raised serious concerns about the current organisation and operation of the banking sector in the UK. The tax regime that is imposed upon banks and other financial institutions is one place to look for failures that precipitated or exacerbated the crisis, and for tools to improve the functioning of the financial sector in the future. Read more
Peacock, Adam – Associate, Corporate Tax Department, Baker & Mckenzie
Young, Ian – Tax Policy Manager, Institute of Chartered Accountants in England and Wales
Kerrigan, Arthur – Head of Sector, VAT International Financial European Commission
Keen, Michael – Deputy Director, Fiscal Affairs Department, International Monetary Fund Read more
This is the first of a series of posts discussing aspects of narrative accounts of the financial crisis. For an introduction to these posts see ‘Narratives of the Crisis – Introduction’.
A Brief Overview of Securitisation
The traditional role of banks is to act as intermediaries between savers and borrowers. By taking deposits from savers and making loans to borrowers, banks provide a number of services. They perform a liquidity transformation by taking in short term deposits and providing long term loans; they distribute the risks associated with defaults across many savers; and they minimise the costs of assessing these risks by putting in place repeatable and robust processes for determining the likelihood that any particular borrower will default. While this intermediation has traditionally been performed by banks, it can be performed in other ways, one of which is through the process of ‘securitisation’. Read more
Narratives are important to the outputs that we will produce under the ethics work stream of FinCris. They attempt to capture a set of causes by grouping them around a common theme and telling the story of the crisis from that perspective. Not only is this an effective way of organising a causal chain, it also helps bring the story of the crisis to life, adding the kind of information from which we can start to draw conclusions not just about causal responsibility, but about moral responsibility as well. Read more