영국정부는 전통적 실용주의와 자유시장 경제에 입각하여 금융기관들이 스스로의 시장활동을 자율적으로 감독하거나 혹은 자체보고를 통해 스스로를 규제하는 자율적 규제감독모델을 만들어 왔다. 그러나 금융시스템의 규제감독변화를 초래하는 다양한 요인들에 의한 금융시장에서의 불안정성은 금융시장감독과 메커니즘에 대한 적절한 컨트롤이 없으면 금융시장에서 발생하는 불법행위와 기능부전을 방지하기 위한 규제감독비용이 아무런 소용이 없게 된다는 중요한 교훈을 얻게 되었다. 1997년 이후부터는 빅뱅 이후의 규제감독모델을 바탕으로 자율규제가 가지는 중복성과 책임의 모호성, 법적 규제가 가지는 경직성과 문제발생시에 대처하는 사후적 기능을 보완하여 강력한 법제정에 입각한 단일통합규제감독시스템으로 전환하였다. 통합규제감독시스템으로의 전환은 시장운영의 측면에 있어서 과거의 여러 규제감독 중복과 규제감독기관들 사이에 분산되어 있었던 감독기능을 일원화하고, 런던금융시장에 만연해 있었던 자율규제의 부정적 관행을 일소하며, 또한 불공정시장거래에 대해 새로운 법적 제재를 도입하여 시장에서의 금융범죄행위를 경감시키는 통합규제감독자로서 일찍이 없었던 강력한 금융규제감독자의 권한을 가지게 되었음을 의미했다. 한편, 일국의 금융시스템과 그 발전과정은 각국의 다양한 역사과정에 따라 다르다 할지라도 영국의 통합금융감독시스템을 도입한 한국의 금융규제감독시스템도 영국의 규제감독시스템의 운영과정에서 노출되는 장단점은 시사하는 바가 클 것이다.

There has traditionally been a strong reliance on self-regulation in the UK financial markets. The self-regulations worked well while the business community was small, trading was carried out face to face, and participants generally knew each other. But over the 1970sand 80s, as markets broadened, newcomers were introduced and new instruments and technologies began to spread, the need for stricter supervision grew stronger, that is, moral suasion by the Bank of England to participants is no longer adequate. In contrast to the previous changes which marked a period of deregulation, FSAct(1986) marked a wave of re-regulation of the sector. The implementation of the FSAct signaled an important move from institution-based regulation to market-based regulation which recognized the similarity between institutions as boundaries has become blurred by deregulation. There was widespread support for a unitary authority that would remove the scope for duplication, gaps and incosistence that dogged regulation under the FSAct. In 1997, the SIB changed its name to the Financial Services Authority(FSA), becoming the UK financial sector’s sole regulator. The FSA has combined all the supervisory and punitive powers previously enjoyed by various regulatory and supervisory bodies, giving it unprecedented responsibilities as the sole financialregulator with power over such area as life insurance and derivatives in addition to overseeing banks and financial exchanges.

There has traditionally been a strong reliance on self-regulation in the UK financial markets. The self-regulations worked well while the business community was small, trading was carried out face to face, and participants generally knew each other. But over the 1970sand 80s, as markets broadened, newcomers were introduced and new instruments and technologies began to spread, the need for stricter supervision grew stronger, that is, moral suasion by the Bank of England to participants is no longer adequate. In contrast to the previous changes which marked a period of deregulation, FSAct(1986) marked a wave of re-regulation of the sector. The implementation of the FSAct signaled an important move from institution-based regulation to market-based regulation which recognized the similarity between institutions as boundaries has become blurred by deregulation. There was widespread support for a unitary authority that would remove the scope for duplication, gaps and incosistence that dogged regulation under the FSAct. In 1997, the SIB changed its name to the Financial Services Authority(FSA), becoming the UK financial sector’s sole regulator. The FSA has combined all the supervisory and punitive powers previously enjoyed by various regulatory and supervisory bodies, giving it unprecedented responsibilities as the sole financialregulator with power over such area as life insurance and derivatives in addition to overseeing banks and financial exchanges.

UK Financial Markets, Financial Regulation and Supervision, SelfRegulation, Statutory Regulation, Regulator