Articles by author
The urgent need for better law and rule making: challenges and solutions
This article, the second of two (see ‘Risk elimination by legislating: the limits of the law and challenges of reality’ (2023) 5 JIBFL 287) looking at significant policy making challenges, argues that too much recent legislation and regulation is of poor quality, often developed with good intentions but in silos, without effective consultation, proportionality or consistent principle. Too much is created so policy makers can be seen to have “done something” when it will not address the real goals. The article proposes possible solutions, including changing policy maker incentives and the creation of a new Parliamentary Select Committee to introduce accountability for legislative and regulatory outcomes, comparable to spending accountability.
1 JUN 2023Risk elimination by legislating: the limits of the law and challenges of reality
This Spotlight article, the first of two looking at significant policy making challenges, argues that legislators and regulators too often seek to avoid and even eliminate risks, at disproportionate social and economic cost to the desired policy outcomes. This reflects challenges in setting better policy goals. It gives examples across financial services and other sectors. Accountability is needed to achieve outcomes, but not all failures or bad outcomes require change of law or regulation. The balance between improving standards and real outcomes on the one hand, with controlling social and economic costs on the other, needs more complex consideration and comprehensive cost-benefit assessment.
1 MAY 2023
