John K. Ashton and Kevin Keasey
This paper examines the Competition Commission report on the provision of small and medium‐sized enterprise (SME) banking services in the UK. The examination will centre on the…
Abstract
This paper examines the Competition Commission report on the provision of small and medium‐sized enterprise (SME) banking services in the UK. The examination will centre on the perceived clash between the ‘remedies’ proposed by the Competition Commission and the present forms of lending decision making, a key function in business banking. It is concluded that the Competition Commission assessment of the provision of banking services by clearing banks to small firms, directs scant attention as to how banking services are ‘manufactured’ or banks actually make decisions and operate in practice.
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Retail payments systems are a key element in the financial infrastructure of any capitalist economy ‐ through them governments can enact economic policy and individuals and…
Abstract
Retail payments systems are a key element in the financial infrastructure of any capitalist economy ‐ through them governments can enact economic policy and individuals and companies can conduct their transactions. A recent development for UK retail payments systems has been the recommendations of the ‘Review of Banking Services in the UK’ (the Cruickshank Report). In this report, recommendations are made as to the operation of the primary UK retail payments system (APACS); a new regulatory framework and the removal of ‘barriers to entry’ are proposed to encourage greater competition in the industry. This paper considers these two proposals, which have both received government support for early implementation, in terms of wider policy issues surrounding payments systems, including economic efficiency and safety and security, and the economic incentives which underpin the present retail payments system in the UK. It is concluded that the proposals for regulation of business activities to promote competition may underestimate the importance of payment system safety and security regulation. Equally, the proposed removal or substantial reduction in barriers to entry to individual payments systems may have a range of unforeseen consequences.
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The paper considers two central issues; one, how was the definition of the UK banking market undertaken within the Cruickshank Report, and two, how might the assumptions made in…
Abstract
The paper considers two central issues; one, how was the definition of the UK banking market undertaken within the Cruickshank Report, and two, how might the assumptions made in defining banking markets have influenced the competition analysis and overall conclusions presented by the report. In this paper, the banking market for personal customers is discussed in relation to theoretical and empirical work and the distribution of banking branches in the UK. An assessment of the form of competition, used in the Cruickshank Report, builds on this discussion and considers the implications of a possible oversight in the definition of the UK banking market. Recommendations and suggestions for further work are provided within the conclusions.
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Laura A. Costanzo and John K. Ashton
Within the UK, low levels of saving has been a continuing policy concern for both government and financial regulators. Why individuals save less than might be expected has been…
Abstract
Purpose
Within the UK, low levels of saving has been a continuing policy concern for both government and financial regulators. Why individuals save less than might be expected has been increasingly associated with an inability of ma… financial services consumers to comprehend product quality and to underta… of firms in this debated through examining the product choices presented to consumers by financial services providers.
Design/methodology/approach
We examine two aspects of poor consumer decision making, yet to be fully explored in the wider regulatory literature. Initially, we review how financial services providers consider product innovations and the marketing strategies they pursue in constructing their offerings to consumers. Secondly, we ass… a popular financial product, the interest bearing deposit account, to examine what savings product choices are actually presented to consumers. These areas are explored through semi‐structured interviews undertaken with semi financial services managers and through a review of the entire product offerings to the interest bearing deposit market.
Findings
We report that savings markets are characterised by high product turnover and short duration. Consumers in the UK, alike many developed nations, and often unfamiliar with, and lack confidence when, buying savings products. Example consumers often have difficulties when making product comparis… Faced by so much proliferation of undifferentiated products, consumers find difficult to make a straightforward comparison between products.
Research limitations/implications
It is concluded that further public education, a greater understanding of ho… firms present product choices to consumers and how consumers perceive s… choices are areas demanding further research and consideration.
Originality/value
Consideration of how firms make decisions with regard to product innovation and savings problem more generally is an area demanding further investigation from a range of disciplinary approaches. Finally, given the perceived high importance of financial services to individuals and the nation… economy at large, some scrutiny should be placed on the issue of the high profitability of the financial services industry and how this is reflected into product innovations and, therefore, differentiated quality choices presented various categories of consumers.
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John K. Ashton and Andrew Pressey
Within the academic marketing literature the importance of government policy and regulatory judgement receives far less scrutiny than is justified. To illustrate the importance of…
Abstract
Within the academic marketing literature the importance of government policy and regulatory judgement receives far less scrutiny than is justified. To illustrate the importance of government regulation broadly and the new UK competition law framework specifically, a single regulatory case is examined: the Competition Commission assessment of the provision of banking services to small and medium‐sized firms. The report aims to promote more “arm's length” or transactional approaches to managing SME bank customers, effectively reducing banks' abilities to build relationships with its SME customers. It is proposed that relationship marketing for banking services to SMEs, a subject of considerable academic attention in recent years, has been severely curtailed in its present form by this recent regulatory judgement. The discussion also provides broader implications for policy analysis and marketing.
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Ivan Diaz‐Rainey, Mathias Siems and John K. Ashton
The purpose of this paper is to examine the financial risks posed by energy and environmental markets and how these risks are addressed by current regulatory regimes and…
Abstract
Purpose
The purpose of this paper is to examine the financial risks posed by energy and environmental markets and how these risks are addressed by current regulatory regimes and legislation. This assessment should be of interest to academics, practitioners, regulators and policymakers.
Design/methodology/approach
The first half of the paper provides a theoretical conceptualisation of the financial risks energy and environmental markets pose by drawing on established academic literatures on financial regulation and energy markets. The second half of the study provides a legislative analysis of the evolving approach to the financial regulation of energy and environmental markets. Drawing on “grey” literatures, this assessment critically appraises the array of current policy initiatives that have the potential to affect the financial regulation and operation of energy and environmental markets.
Findings
The theoretical conceptualisation of financial risks identified macroeconomic and energy systemic as the principal risks posed by energy and environmental markets. The legislative analysis contains various conclusions, prominent amongst which are: that the EU will play an increasingly important role in the financial regulation of energy and environmental markets through bodies such as ACER and ESMA; and that it is essential the boundaries of regulatory responsibility between energy and financial regulators are assessed to ensure activities leading to risk do not fall between the remits of responsibility.
Originality/value
There is a dearth of academic work on the financial regulation of energy and environmental markets, while prior policy and regulatory analyses have focussed on specific markets or products. This belies the interrelationships and, in some cases, the integration of these risks and the nature of financial crises. To amend for this omission we provide a holistic assessment of these legislative and policy developments.
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The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains…
Abstract
The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.
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Hannah Catherine Spring, Fiona Katherine Howlett, Claire Connor, Ashton Alderson, Joe Antcliff, Kimberley Dutton, Oliva Gray, Emily Hirst, Zeba Jabeen, Myra Jamil, Sally Mattimoe and Siobhan Waister
Asylum seekers and refugees experience substantial barriers to successful transition to a new society. The purpose of this paper is to explore the value and meaning of a community…
Abstract
Purpose
Asylum seekers and refugees experience substantial barriers to successful transition to a new society. The purpose of this paper is to explore the value and meaning of a community drop-in service offering social support for refugees and asylum seekers in the northeast of England and to identify the occupational preferences of the service users.
Design/methodology/approach
A qualitative approach using semi-structured interviews was conducted with refugees and asylum seekers using a community drop-in service. In total, 18 people participated from ten countries. Data were analysed using interpretive phenomenological analysis.
Findings
The value and meaning of the service was expressed through four key areas: the need to experience a sense of community; being able to make an altruistic contribution within the community; the need for societal integration; and having the opportunity to engage in meaningful and productive occupations.
Practical implications
Community and altruism have profound cultural meaning for asylum seekers and refugees and the need to integrate, belong and contribute is paramount to successful resettlement. Community-based drop-in services can aid this at deep, culturally relevant levels. This study may inform policy and practice development, future service development and highlight potential opportunities for health and social care services provision amongst this growing population.
Originality/value
To date there are no studies that provide empirical evidence on how community-based drop-in services for refugees and asylum seekers are received. This study provides a cultural insight into the deeper value and meaning of such services, and is particularly relevant for professionals in all sectors who are working with asylum seekers and refugees.
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Any scheme whereby the treasures of a public reference library are made more widely known is sure of the sympathetic consideration of all serious librarians, for it is a…
Abstract
Any scheme whereby the treasures of a public reference library are made more widely known is sure of the sympathetic consideration of all serious librarians, for it is a lamentable fact that reference libraries generally, and especially those in the provinces, are very sparingly appreciated. Their primary function is largely defeated by the ignorance of those most likely to be benefited. When there is displayed any considerable use of the facilities for research and study, analysis will often show it to be a mere prostitution by competition‐mongers and acrostic‐solvers; the genuine student is seldom much in evidence.
Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).