Economics Essay Example | Topics and Well Written Essays - 2000 words - 16

Economics - Essay Example The UK economy has undergone through very critical evolutionary steps in the 1980s through the implementation of Gower report and the enactment of the subsequent 1986 financial services act (Ellwood, 2002, 565-594). It is acknowledged that these changes are responsible of many developments that the economy has had throughout the late 20th century and the subsequent years in 21st century. This paper therefore focuses on analyzing the critical role that financial services sector play within the UK economy after the Gower report and the financial services act in the late 20th century and subsequent enactment of FSAct in 1986. The Gower report established a platform through which the UK financial sector can provide insights, financial services as well as advise to investors both locally and at the international front. The financial sector specializes in services such as finance and accountancy, banking, financial planning, insurance as well as pension and investments. Over the years that followed the 1980 Gower report, the United Kingdom has moved from the state of passive sale and display of manufacturing produce to become a leading determiner of what is manufactured as well as consumed. The financial services sector shifted the attention of services provide towards retailing and wholesaling industries within the country. Moreover the enactment of the 1986 financial act has been pointed out to have contributed towards increased regulation and compliance requirements within the sector (Llewellyn, 1999, p. 309-316). The importance of such regulation cannot be overlooked as it has the main aim geared toward s consumer protection. Through the act, the industry has been streamlined towards effectiveness in service delivery through overcoming information asymmetry between the service providers and the customers. The importance in regulation is also based on the reason that many institutions are