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Loughborough University research into financial regulation has had a significant and enduring influence on how regulatory bodies are structured and how they use economic analysis. This work has been credited with shaping the groundbreaking culture and methodology of financial regulation in the UK with respect to consumer protection, recognising the special characteristics of retail financial products and contracts and applying cost-benefit and regulatory impact analysis in decision-making processes. It has also played a major role in redefining financial regulatory structure in the UK and South Africa. In addition, the research is now being used to help develop and guide approaches to ensuring high standards of bank regulation and consumer protection across the EU through the European Banking Authority's Banking Stakeholder Group.
This case study looks at the impact on the international finance industry and big business of research conducted at Heythrop College by Catherine Cowley. Cowley's work is transforming the ethical framework with which some of the most powerful corporations in the world operate and how they understand their role in society, as well as influencing the direction and content of the public debate over the ethics of finance and business.
A body of research has informed government bodies, policy makers and other agencies on consumer interactions with retail financial services markets. Specifically, it has informed formulation of new policies in the area of simple products and banking standards that are now being put into effect as new policy initiatives.
The impact detailed here has been on policy development and implementation in the area of consumers and financial services. The body of academic research has gained traction and credibility with relevant stakeholders due to academic endorsement and wide scale dissemination efforts. This has allowed researchers a significant input into consultation processes, campaigns and a parliamentary commission. Such inputs have helped formulation of new policies in the area of simple products and banking standards that are now being operationalized as new policy initiatives. Thus, a direct chain of impact exists between the initial research and the final outcomes, which influences numerous financial services decision makers and banking customers.