LEANZ, Law and Economics in New Zealand

Next Wellington Seminar

Next Wellington Seminar


Topic: Why has financial regulation failed?


Speaker: John Kay


Date, time and venue:

Wellington: Tuesday, 9 February 2016 from 5 p.m. (note earlier start time than usual) with a 5:30 p.m. seminar start at Minter Ellison Rudd Watts , 18/125 The Terrace, Wellington, 10 Customhouse Quay, Wellington

To be added to the waiting list, please email: andreas.heuser@treasury.govt.nz


About the topic

Financial regulation failed around the world in 2007-08 not due to regulators "asleep at the wheel", but because of the incentives at play that discouraged pre-emptive action in addition to the influence over regulators by industry and an inequality of arms. There has been little change since. In John Kay's view the guiding purpose of long-term response to the regulatory failure should be to “impose and enforce the obligations of loyalty and prudence, personal and institutional, that go with the management of other people’s money.” 


About the speaker:

John Kay is a visiting Professor of Economics at the London School of Economics and a Fellow of St John’s College, Oxford. He is a critic of the current structure of the finance sector and proposes reforms to return finance to its core functions. He advocates via his frequent columns in the Financial Times and in his numerous popular books on finance.  He is in New Zealand to promote his latest book “Other People’s Money: Masters of the Universe or Servants of the People?” which has received high praise from the Economist, Financial Times, New York Times and other prominent critics.


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