The President Can Only Read One Page (Line from US TV Series The West Essay

The President Can Only Read One Page (Line from US TV Series The West Wing) - Essay Example Cannon and Warren-Smith (2009, p. 38) emphasize that normal practices in banking have been abandoned and as a result leading to financial crises in the banking industry. This has caused a negative economic impact on the manufacturing sector. The role of the Competition commission and the OFT in regulation of competition within the banking institution is an important issue for the debate. Arora (2008, p. 224) and Bresslaw (2012, p. 20) elaborate that the large banks in 2001 operated as monopolies in providing banking services to SMEs and thus competition among the banking institutions was arrested. As a result customers had limited banking options because the banking institutions offered similar financial benefits. Therefore the argument of the debate is to enforce the role of the Competition Commission and the OFT in regulating banks so that manufacturing firms and SMEs would have better banking services which stem out of healthy competition among banking institutions. The Bank of England, the Financial Services Authority (FSA) and the Treasury as the major regulators of the banking services will be debated upon. Cassling (2012, p. 73) and Jun (2010, p. 18) point out that the major regulators of the banking system only become active when there is a banking crisis. This illustrates that a problem in regulation of the banking system must be evaluated for accurate recommendations to be reached. Haselmann, Pistor and Vig (2010, p. 549) argues that the FSA must play its role actively and ensure that financial services are efficient and fair to the consumers. A reference to the Banking Act of 2009 will be made during the discussion. The Act will be discussed in relation to the principle based system in banking regulation as compared with the rule based system such as that of the US. The Recommendation of the Turner Review will arise during the debate. Reynolds & Willey (2012, p. 64) shows that the turner review basically recommended that