The Global Financial Crisis: Causes and Consequences

The provided document is a comprehensive analysis of the global financial crisis, which occurred between 2007 and 2010. The document draws on various sources, including academic research papers, government reports, and business publications. It explores the causes of the crisis, including subprime lending and the failure of regulatory oversight. The document also examines the consequences of the crisis, including widespread job losses, business failures, and a significant decline in economic output. Additionally, it highlights key lessons learned from the crisis, such as the importance of strengthening financial regulation and improving governance. Overall, this document provides a detailed understanding of the global financial crisis, its impact on major economies, and the steps that can be taken to prevent similar crises in the future.

LAW QUESTION
1

INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Global financial crisis.................................................................................................................3
Impact of global financial crisis on UK......................................................................................6
Failure of FSA.............................................................................................................................8
Recent regulations of UK financial system...............................................................................13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
2

INTRODUCTION
Global financial crisis is a broad concept which shows the trauma of funds across the
globe due to fluctuation in several factors that affects international finance department. However,
financial crisis of 2007-2008 is known as global financial crisis and almost large number of
economists said that it was a worst crisis since the Great depression of 1930s 1. Therefore,
assignment is going to highlight the major financial crisis which affects the whole world and its
influence on entire global platform. In order to cope up with financial issue, various international
institutions are coming up with new policies or ideas to control this situation. Along with this,
regulatory frameworks and legitimate bodies of UK have taken major steps by coming up with
new legal acts for supporting the nation. Hence, two new regulators are mainly outlined in the
report which replaced the existing financial services authority for stabilizing the UK condition.
MAIN BODY
Global financial crisis
Global financial crisis highlight the time period where there was availability of extreme
stress in global financial markets and banking systems in almost mid of 2007 till early of 2009.
Basically, it was caused due to the deregulation in financial industry which allows the banks to
get involved in hedge fund trading with derivates. After that, bank demanded more mortgagees
for supporting the profitable sale of that derivates. As a result, entire scenario creates a breath
taking financial crisis which led to great recession. By the September, 2008 financial crisis
become more worsened as stock markets across the globe crashed as well as highly volatile. As a
result, confidence of customers also hit rock bottom due to which every individual tightened
their belts and lost their faith on marketplace 2.
From the sub-prime to downturn, five phases of most dangerous crisis almost hit the
entire globe economy since the Great depression which was found in these five dates such as; 9
august 2017, 15th September 2008, 2nd April 2009, 9th May 2010, 5th August, 2011. Initial
1 . Helleiner, E., 2011. Understanding the 2007–2008 global financial crisis: Lessons for
scholars of international political economy. Annual Review of Political Science, 14,
pp.67-87.
2 . Erkens, D.H., Hung, M. and Matos, P., 2012. Corporate governance in the 2007–2008
financial crisis: Evidence from financial institutions worldwide. Journal of Corporate
Finance, 18(2), pp.389-411.
3

phase is on 9th August 2007 started with the seizure in entire banking system when Merril Lynch
trader Strenfors got a call which change his life. It’s really a sparking issue which is a great
exposure for individual banks in which trust evaporated overnight because of this; all the banks
stopped doing business with each other.
According to the above graphical representation, it has been assessed that major reason
behind financial crisis was banks because they were created too much money. All the time a
bank offered a loan for creating a new money which shows in a financial crisis that banks was
get succeeded in created a huge sums of funds. By analysing the graph, it was clearly showed
that just in 7 years, banks was doubled the amount of money as well as debt in the economy. In
fact, very little amount of trillion pounds that banks shaped in between 2000-2007 were offered
to business outside of the financial sector. For example; almost 31% was used by residential
property which resulted in maximization of house prices faster than wages. Apart from this,
nearly 20% flows into commercial real estate such as; office buildings or any other
organizational property. Moreover, almost 32% was offered to financial sector and same for
markets also which eventually imploded during financial crisis. In fact, only 8% of entire money
which was created by banks at that time was offered to business outside of financial sector.
Further, rest 8% was utilized into credit cards and personal loans.
4

On 15th September 2008, one of the major announcement shaken the entire world that is;
bankruptcy of Lehman brothers at midnight of Monday. Thus, it shows that financial crisis was
now entered into an acute phase marked by failures of major American and European banks. As
a result, governing bodies of Americans and European Union tries to rescue distressed financial
institutions. For example; emerging passage of Emergency Economic stabilization Act of 2008
whereas infusion of funds into major banks in European countries.
For various Americans, financial crisis becoming more worst in 2009 such as; in March
plummeted of market more as well as panicking to those investors who was thinking that
worsened situation was over. It means, in April 2007 trust from financial system are breaking
down which was caused subprime Mortgage crisis. In the winter of 2008-09, G20 group which
was recently formed engaged in coordinating with others for developing the nations and trying to
defend recession 3. For example; cutting of interest rates, announce fiscal stimulus packages of
distinct sizes as well as creation of electronic money with the use of quantitative easing. On 2nd
April 2009 in London G20 submitted that leaders of world committed to themselves to around
this much of “$5tn (£3tn)” fiscal expansion as well as extra almost $1.1tn of resources for
supporting International Monetary fund’s (Larry Elliott, 2011 ). As , their main motive is to
facilitate global institutions for boosting the jobs, growth and to modify the banks.
9th may 2010 is a day when concerned was switched from private sector to public sector.
At that time, IMF and European Union announced that they are going to offer financial support
to Greece. Another day of financial crisis was on 5th august 2011 was remembered as most
memorable day when US hegemony was lost. Although, it was really terrible news for Barack
Obama as he was not delivered economic recovery. As a result, US were drowning in a negative
equity and foreclosed houses.
Impact of global financial crisis on UK
Whole world is getting influenced by this major fluctuation of finance market. From
which UK was also affected very badly and major fall in the national economy. For example;
economic downturn, unemployment, maximization of debt henceforth. In fact, number of authors
and specialist has expressed their opinions towards impact of financial crisis on UK. As per the
major article of Financial Express, it was clearly stated that crisis of 2007-2008 was the great
3 . Ivashina, V. and Scharfstein, D., 2010. Bank lending during the financial crisis of
2008. Journal of Financial economics, 97(3), pp.319-338.
5

blunder after the great depression of 1930s because it was rendered almost 8.8 million people of
United states unemployed alone. Main target of this crisis are advanced countries such as; United
states, Germany, United Kingdom and Hong Kong 4.
From the above diagrammatic representation, it has been determined that advanced
countries are circulated around major trauma and encountered several ups or downs in between
2005 to 2012. For example; UK is also effecting by the crisis in various manner as common
people of the nation are suffering from distinct day to day problems.
As per the viewpoint of Gordon Rayner, 2008 “UK was encountered worst financial
crisis in decades” because of America latest corporate meltdown. However, one of the biggest
mortgage lender of Britain’s is Halifax Bank of Scotland because it lost around 13% of its value
and scared that profit of the bank is directly influenced by global credit crunch. Moreover,
Barclays and Royal Bank of Scotland wiped off their share price by 9%. Thus, Bank of England
has filled approximately £5 billion into money markets in order to restoring the confidence in
banking system. Although, this solution is not much enough to defend the economy for
becoming worse because predicators are saying that worst is yet to come. Bear steams which is
the night biggest investment bank across the globe was in the situation of getting collapsed due
4 . How badly 2008 financial crisis hurt US, UK, Germany, 2018. [Online]. Available
through<hhttps://www.financialexpress.com/economy/how-badly-2008-financial-crisis-
hurt-us-uk-germany-this-1-chart-shows-it-all/1146819/ >.
6

to heavy losses because of sub-prime mortgage crisis. As a result, other banking giants are
fearing and in a major trouble 5.
On the other hand, Prime Minister Gordon Brown is promising to initiate whatever action
is required for maintaining the stability of economy. Whereas, Terry Smith who was a chief
executive of Tullett Prebon and a expertise broker in the city states that “I was working in
finance in current city as well as across the globe for nearly 34 years but I haven’t seen anything
like this”. On contrary to this, David Buick of spread betting firm Cantor Index states that “None
of the individual who is living in current phase have ever face this kind of banking trauma. In
fact I was working from last 46 years but out looked has never seen as bleak”. Mainly, this
turmoil is immediately knocking and affecting for homeowners because of which families of
Britain are already suffering from credit crunch. Since last summer of year 2008 bills of
household are steadily increased 6.
Apart from this, average houses of UK was also lost almost 20% of its value in 16
months to February, 2009 and transaction levels was an averaged nearly 1.65 million in a year in
a last decade, plummeted to almost 730, 000 in next 12 months till June, 2016. On the other
hand, there was one report from property advisor Savills who states that influence of crisis
pushed UK into deepest post-war recession. In fact, it was still felt in housing market of UK as
new homeowners mainly reliant on “the Bank of Mum and Dad”, current house owners are
struggling to trade up the market 7.
Failure of FSA
Financial bodies of UK systems tried their best for maintaining stability at EU
marketplace. Financial Conduct Authority is a framework which considered as a financial
regulatory body in UK. Basically, it operates independently on the behalf of UK financial
institutions and acquired funds by charging fees from various members of financial services
industry. FSA was established by financial services and markets act 2000 to work as an
5 . Shiller, R.J., 2012. The subprime solution: how today's global financial crisis happened,
and what to do about it. Princeton University Press.
6 . UK facing worst financial crisis 'in decades', 2008. [Online]. Available
throughhttps://www.telegraph.co.uk/finance/markets/2786497/UK-facing-worst-
financial-crisis-in-decades.html
7 . Thomas Colson, 2017. [Online]. Available through<
https://www.businessinsider.com/how-2007-financial-crisis-transformed-uk-housing-market-
2017-7?IR=T>.
7

independent non-governmental body in order to act as a statutory regulator of UK’s financial
service sector. Thus, failing of this association was come out after collapsed of Royal Bank of
Scotland. As a result, FSA produced an investigation report which was less than 300 words. On
the other hand, the Icelandic Truth Commission designed a report which was of almost over
2200 pages in length. However, major content that is highlighted in the whole report is that; FSA
get failed in defending banking meltdown. By thoroughgoing with all the relevant information
about FSA and its downturn, various members argued and demanded the replacement of this
financial institution. In fact, number of lawyers and jury members are raising their voice against
this major crisis as it influence the whole UK and created a financial overhauled in EU.
However, FSA was ruled for almost 15 years by the support of press, politicians, advisors, jury
and various other members. Basically, number of advisors argues that the FSA needs to be seen
in two ways. For example; first one is management of broad economy which includes regulations
of several banks and second one is implementation of new rules and regulations for financial
services community.
Peter Cooper, director of Cooper Johnston Associates, states that regulations of FSA for
the banks was a “complete/ abject failure”. Along with this, he said that banking crisis of
2007/2008 in which almost collapse of Royal bank of Scotland and HBOS was partly mistake of
regulators due to the use of “light touch approach”.
On the other hand, Allan Maxwell director of Corporate Benefits Consulting is very
liberal in his assessment for FSA. He said that, although FSA was failed in few areas but it was
not solely responsible for the banking crisis as well as difficulties that was incurred at financial
markets. In fact, he believes that “off course things was going wrong at large extent between
FSA, the Bank of England and the government. But it’s not right to blame only one institution
as number of people are took their eyes of the ball on FSA”. He again said that; “We are fully
aware about the IFAs which are not performing a better job but these few people are still
practicing.”.
On contrary to this, Alan Dick partner at Forty Two Wealth Management was an adviser
who always understands the significance of good regulations but still contradict that FSA was
very big and too much costly. He believes that, Yes there was few good people are present in this
organization but the association is enormous and capital of funding it was very much expensive.
Another thing which he added in his statement is that; FSA was trying their best to perform
8

much better such as; produced a couple of very beneficial papers. As this paper is based on risk
profiling which make sure that advisers have the authority to ask question around capacity of
loss and behaviour towards risk.
In order respond towards all these argument, Chairman of FSA Lord Turner gave a
statement at Mansion house in which he says that “economic crisis occurred due to number of
failures in policy and practice”. Along with this, he apologised also for the failure of
organization as in April, On the other hand, he also said that, crisis was not a bolt from blue as it
was raised due to improper or worst supervision, negative rules or structures, dangerous cultures
as well as mistakes made by economist, regulators, central bankers, policy designers as well as
bankers themselves.
Hence, because of perceived regulatory failure of banks while financial crisis of 2007-
2008, UK governing bodies decided for restructuring of this finance regulation and abolish FSA
with effect from 1st April, 2013. At that time, financial services authority was totally criticised by
most of commentators as this body is unfit for financial purpose. Hence, Chancellor of
Exchequer, George Osborne announced his strategy for abolishing the Financial Regulatory
Body and replaced it 8. As governing bodies claimed that current regime requisite to reform
because this association “gets failed when tested during crisis”. In fact, FSA continuously failed
to fulfils its promises such as; enabled in maintaining marketing confidence, failed in defending
both stability of UK financial system as well as consumer interests 9. Most importantly, not able
to fight with financial crime which was occurred during 2007-2008.
8 . Reinhart, C.M. and Rogoff, K.S., 2011. From financial crash to debt crisis. American
Economic Review, 101(5), pp.1676-1706.
9 . Shiller, R.J., 2012. The subprime solution: how today's global financial crisis happened,
and what to do about it. Princeton University Press.
9

By assessing this above graph, it has been understood that there was a great fall in GDP
of the UK economy in between 2008-2009. Along with this, diagram is clearly highlighting that
UK recovery was seen as most slowest as compared to other. It means, FSA is totally failed in
managing this major turmoil which is almost destroying the markets and economy of a nation. In
fact, future of Britain was in a great dark and people are getting more scared with this
unpredictable situation 10.
It means all the above things and disturbances was enforced financial authorities of UK to
replace the FSA in order to control negative impact of financial crisis from EU.
10 . Tejvan Pettinger, 2017. [Online]. Available through<
https://www.economicshelp.org/blog/7501/economics/the-great-recession/>.
10

From the diagrammatic representation, it has been identified that governing bodies of UK
are really spending in the development of nation by enhancing labours. Along with this, trying
to come up with various ideas for managing drastic change which affects the lives of whole
nation 11.
Hence, FSA was replaced by the “Twin Peaks” named as “Financial Conduct
Authority” and “Prudential Regulation Authority”. These two frameworks was official came
into force in almost 1st April, 2013 and promises number of things to the UK financial service
sector. However, foremost responsibility of FCA is to controlled financial organizations who is
offering services to the consumers and tries to maintain the integrity of UK’s financial markets
12. Some of the examples are; major focus on customers, problems related with misconduct like
Libor scandal, abusing of market as well as competitiveness. On the other hand, PRA was
formed as a part of The Bank of England and works along with FCA in “twin peaks”.
Additionally, liable for regulating almost 1700 banks across the UK, building communities and
societies as well as managing investment firms.
11 . Tejvan Pettinger, 2017. [Online]. Available through<
https://www.economicshelp.org/blog/7501/economics/the-great-recession/>.
12 . Reinhart, C.M. and Rogoff, K.S., 2011. From financial crash to debt crisis. American
Economic Review, 101(5), pp.1676-1706.
11

FCA is considered as regulator of almost 56,000 financial services firms as well as
financial markets at UK marketplace. On the other hand, prudential regulator is offer around
24,000 of those organizations. Basically, these two were established on 1st APRIL, 2013 for
managing financial trauma of UK as well as in order to act on the behalf of Financial Services
Authority. Basically, their main objective is to make sure that all the related markets work well.
For making more advanced to strategic objectives there are almost three main targets such as;
Protect consumers- in order to secure an effective degree of prevention for customers 13.
Defend financial markets- for defending and enhancing the integrity of UK financial system.
Promote competition- encouraging healthy competition in the interests of consumers.
Hence, major reason behind establishing these two twin peaks is to make that UK have an
effective, creative and trusted financial service sector in order to meet the requirements of users.
Although, initially FCA was handling around 26000 firms and in 2014, took over nearly 50000
client credit firms from which few of them was already regulated for some other activity. After
that authorisation was took place by 31st march, 2016 in order to carrying regulation on credit
activities. Mainly, these two firms are famous for their major aim that is “identify and respond
instantly and effectively towards emerging issues before it will convert into major trauma”. As a
result, financial system of UK plays a major role for stabilizing the UK conditions after financial
crisis of 2007-2008 by replacing “FSA” with “twin peaks” 14.
(Prudential regulatory Authority (PRA)
Regulates This institution is regulates for various banks, enhancing societies, credit unions,
insurers and several investment organizations.
Structure  Act as a subsidiary of Bank of England
 Coordinate with FCA; Memorandum of understanding frames the
relationship; CEO of both the associations are sit on both Boards.
13 . Laeven, L. and Valencia, F., 2012. Resolution of banking crises. In Handbook of
Safeguarding Global Financial Stability(pp. 231-258).
14
Geels, F.W., 2013. The impact of the financial–economic crisis on sustainability transitions:
Financial investment, governance and public discourse. Environmental Innovation and
Societal Transitions, 6, pp.67-95.
12

Aims  Encourage security and soundness.
 Prevention for policyholders.
Approach  Based mainly on judgement.
 Forward looking.
 Concentrating on problems/ insurers which are facing a major risk for
stabilizing UK system.
 Motive is to make sure rigorous and well documented judgements,
consistent with public regulations.
Financial conduct authority
Regulates  Designed or conduct regulations for retail, wholesale, financial and
infrastructure which supports these markets.
Structure  Coordination with PRA similar as above.
Aims  Acquire suitable degree of protection for clients.
 Prevent and improves the integrity of UK financial system.
 Encourage healthy competition.
Approach Remembered the relationship between activities which incurred at marketplace as
well as risks which was caused due to improper conduct.
For instance; there are some of the major objectives which is authorized by FSMA act to the twin
peaks are-
Initial target for PRAs is to encourage safety and soundness of various institutions which
are authorized by PRA to seek the help for carrying their business in stable manner. Secondary
motive is to establish healthy competition at marketplace by providing full support and services
to authorized institutions. On contrary to this, FCA is liable for conducting business, appropriate
financial markets, defending consumers as well as encourages healthy competition. Along with
this, major bank regulatory norms which are applied on banks are found in CRR and handbooks
of PRA as well as FCA.
By performing all the above explained responsibilities and functions, PRA and FCA aids
in stabilizing the economy of UK. For example; these two associations are supporting various
13

financial organization in order to help end users. Along with this, facilitating distinct of banks by
providing desired funds in order to control credit crunch. It shows that, governing bodies of UK
have taken best initiatives in order to deal with major issues of financial crisis and proves that
decision of making twin peaks are really effective. Thus, establishment of FCA and PRA are one
of the most best step which was taken by UK bodies as these two firms are playing crucial role in
managing entire finance issue in healthy manner. On the other hand, it has been understood that
major reason behind creation of FCA and PRA is to stabilize the situation of UK after financial
crisis as well as for proper functioning of finance market.
Recent regulations of UK financial system
As per the Department for Business, Innovation & Skills and HM Treasury, on June
16, 2011, Chancellor of Exchequer announced that there must be a creation of Independent
Commission for Banking services which is chaired by Sir John Vickers. Their main objectives is
to promote stability in UK banks by making suitable plans and policies because Banks are faces
major hit by global financial crisis. Thus, commission was asked to consider structural and
associated non-structural changes in the banking industry of UK in order to encourage stability
as well as competition at marketplace. Along with this, wanted to make recommendations by
governing bodies at the end of September, 2011. Basically, recent legal norms derives majorly
from FSMA and this was also influenced by several European laws which sets minimum
requirements for regulations of Banks as well as services of Banking in European Economic
Area (EEA). However, maximizing proportion of frameworks is incorporated by European
regulations as it directly influences the UK. For example; in specific regulations such as (EU)
575/2013 on prudential need for credit associations as well as investment organizations (Capital
Requirements Regulations, CRR) simultaneously with Directive 2013/36/EU on capital
requirements (Capital Requirements Directive IV), that implement Basel III 15. These are
foremost primary origins for capital, funds, liquidity and leverage requisite in EEA
It means, UK banks are authorized under FSMA and are licensed to offer payment
services as well as under PSRs and EMRs right to issue e-money respectively. Under the act of
FSMA, both the twin peaks such as PRA and FCA are sharing entire responsibility. For example;
supervision, enforcement, rules designing and regulatory policies for various matters like
15 . Ennew, C., Waite, N. and Waite, R., 2013. Financial services marketing: An
international guide to principles and practice. Routledge.
14

authorization, prudential matters and conduct of business. In fact, FSMA set out the legal targets
for both the institution 16.
Under section 19, FSMA none of the person can carry out the business in UK until or
unless he/she can authorize to run a banking service. Regime of UK accept deposits because its a
core factor of regulated banking activity. As per the EU regulatory framework, only deposit
takers have the authority to acquire “credit institutions”. Although CRD IV also applies for an
investment banks as well as few asset managers .17
On contrary to this, Herbert Smith states that Financial Services and Markets Act 2000
acquired Royal Assent in UK on 14th June 2000. This Act was establish a single statutory regime
for the norms of various types of financial sector business and single statutory regulatory,
financial services authority in order to replace nine existing financial services authorities which
includes; self regulating association (SFA, the PIA and IMRO). Mainly, market abuse is a
behaviour that relates with and its impact on investments traded on a UK marketplace as well as
which are not meeting the standard of behaviour. It’s a civil offence that is determined by FSA
instead of Court or any jury members. Basically, it’s totally linked with wrongful activity that is
going to incurred at marketplace.
According to Niamh Prendergast, Banking system of UK encountered major challenges
during crisis due to which she believes that by helping people, groups and clients issues can
easily reduced. She is also demanding for a change in banking sector in order to eliminate
problems that was raised during crisis. Mira Tekelova believes that full reserve banking is a
most suitable proposal which helps UK in ending recession, reducing personal debt, national
debt, minimize inequality from marketplace. Along with this, it will make sure that all the
banking activities will work in proper manner. Hence, it has been understood that development
of Banking sector is really most sparking issue for the UK in current period also because success
16 . Borio, C., 2011. Implementing the macro-prudential approach to financial regulation
and supervision. The Financial Crisis and the Regulation of Finance, pp.101-117.
17 . Pagliari, S., 2012. Who governs finance? The shifting public–private divide in the
regulation of derivatives, rating agencies and hedge funds. European Law Journal, 18(1),
pp.44-61.
15

it totally depend upon Banks 18. In fact, financial sector are also influenced by this due to which
financial sector needs to enhanced.
CONCLUSION
From the entire project, it has been concluded that global financial crisis which was
incurred in between 2007-2008 really a great recession period for whole world. In fact, it was
shaken the global platform due to increase the credit crunch by banks by providing maximum
range of loans. Thus, this report shows that UK was also gone through a major trauma which
affects their entire financial system as at that time FSA which was top most authority of finance
market get replaced by two twin peaks. Major reason behind this replacement is that FSA gets
failed in handling the drastic crisis and not able to recover the economic growth. As a result,
various records highlighted that UK is a slowest in recovering process as compared to other
countries. As a result, replacement taken place and then the whole scenario gets managed and
somehow under control also. It means, UK governing bodies or financial systems have taken
major initiatives for managing things in proper way in order to facilitate entire finance providing
firms.
18 . Quaglia, L., 2010. Governing financial services in the European Union: banking,
securities and post-trading. Routledge.
16

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to principles and practice. Routledge.
Erkens, D.H., Hung, M. and Matos, P., 2012. Corporate governance in the 2007–2008 financial
crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance.
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Ferran, E., 2011. The break-up of the financial services authority. Oxford Journal of Legal
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Geels, F.W., 2013. The impact of the financial–economic crisis on sustainability transitions:
Financial investment, governance and public discourse. Environmental Innovation and
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international political economy. Annual Review of Political Science.14. pp.67-87.
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hurt-us-uk-germany-this-1-chart-shows-it-all/1146819/ >.
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