The financial crisis, 10 years on

Author: IFLR Correspondent | Published: 13 Sep 2017

A decade after the global banking sector came close to collapsing, the regulatory and litigation landscape has changed significantly

By White & Case partner Charles Balmain

September 13 marked a full decade since Northern Rock sought emergency funding from the Bank of England, sparking the first run on a UK bank in more than a century. Since then, a far more sophisticated regulatory and litigation landscape has emerged.

Former White & Case partner Margaret Cole, then director of enforcement at the Financial Services Authority (now Financial Conduct Authority (FCA)), outlined her concerns at the City and Financial Conference just six months before the crisis. Presciently, she explained that the regulator anticipated a blind spot in associating market misconduct with financial crime. She identified that there needed to be a cultural shift, with many market participants not seeing market manipulation, market abuse and insider dealing as serious an issue as fraud.