Most countries are made, or broken, by the provision and overseeing of their Business and Finance Sectors. The United Kingdom is no different!
UK FINANCIAL SECTORS: The rules and regulations are 'firmly' fixed in place for financial and commercial institutions.
Those in the UK are among the most stringent and powerful commercial platforms in the world.
Unsurprisingly, our regulatory system is 'copied' by many developing areas of the world. Even if they do not always admit to it.
The UK is a good place to do business, though sometimes seemingly tied up in too much red tape.
But, for some smaller and larger companies, this often proves to be time consuming. It often leads to an inefficient use of resources.
UK financial regulation subjects organisations through a practice of supervision and directive guidelines. Enterprise is very restrictive in the United Kingdom. This helps to safeguard the economic system's integrity.
All monetary institutions are subject to a multitude of different regulatory bodies. The Financial Services Act sits at the forefront.
Fiscal regulation laws govern and dictate the operating procedures of those involved in selling Financial Services. That includes banks, insurance, brokers, mortgages, investments, and many other 'products'.
There have been several high profile cases of financial fraud, and mismanagement of clients' money and other assets. The banking system has since undergone drastic, well-overdue, changes. The new accountability rules for bankers relate most to what they can do - or say.
Noticeable changes occurred in the industry since regulation changes in 2013. The UK banking system is 'clearly' more transparent and accountable to you. After all - you are the existing or potential customer.
Rules of thumb tend to be a clever guideline rather than an accurate value. An example could be the standard rule of thumb for personal savings is currently 10%. Whereas, ambitious business entrepreneurs aiming to escape the system suggest increasing the norm to a whopping 20% savings.
Even so, rules of thumb are typically associated with numbers. These non-numeric guidelines could simplify your long-term approach to managing your money and improving your financial stability.
Setting up in business, and then running a company in the UK, is not as easy or straightforward as it once was.
The government - via its civil service - seem determined to tie small and large businesses in swathes of red tape. The 'Red Tape Removal' is a regular election promise. But, little gets done to reduce, or even halt the strangulation of meaningless and unnecessary regulation.
There is no better example than the dreaded Health and Safety Acts. Fact: they reduce many accidents - and deaths. But, the new laws have also been a pot of gold for those who claim for injuries. Sometimes falsely, and egged on by a new breed of solicitor, it often results in a long and expensive court case.
BEIS: The department for Business, Energy and Industrial Strategy is trying to build an economy that works for everyone. They can help you find government-backed support and finance for your business.
FILE ELECTRONICALLY: You can use electronic software to file and manage your company accounts, returns, and tax accounts. Search online to find company filing software recognised by Companies House.
Business and Financial Sector Regulation in the United Kingdom