Part II The Financial Crisis of 2007–2011, 8 The Initial Legal and Regulatory Responses to the Financial Crisis in the UK

Subject(s):

Credit risk — Financial stability — UK Financial Services Authority (FSA)

This chapter discusses the various laws, regulations, and comparable measures that were passed or proposed in response to the financial crisis in the UK. It considers the measures that have come into effect in the UK in some detail, whereas measures that affect only other jurisdictions are considered in outline only. The significant volume of case law triggered by the Lehman insolvency is also considered. The chapter begins with an overview of legal and regulatory responses. It then covers the Banking (Special Provisions) Act 2008 and the Banking Act 2009; Lehmans UK litigation, the Landsbanki ‘Freezing Order’, the Turner Review and the initial response of the FSA, and the Walker Review.