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Improving the system of internal control through regulation: cases of small-sized building societies, circa 1960

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  • Batiz-Lazo, Bernardo
  • Noguchi, Masayoshi

Abstract

Following the previous research conducted in Noguchi and Bátiz-Lazo (2010), this study aims to analyzes how the system of internal control entailing the effectiveness of the management and governance of building societies were improved within individual societies following the Building Societies Act, 1960 (BSA60). By specifically focusing on and comparing the process to reform the systems of internal control executed at two small-sized building societies, i.e. Lloyds Permanent and Eagle Building Societies, this study also purports to analyze how the improvement of the system of internal control affected the management and governance of both societies. The two cases examined in this study prove that an order, forbidding some activities by a building society, recognized to the CRFS under the regulation of BSA60 provided an important opportunity for the building societies to reform their systems of internal control and that the improvement of the system of internal control could have an important impact upon the management of the small-sized building societies in the UK, as a necessary condition for the withdrawal at an early stage of the order once made.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28564.

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Date of creation: Feb 2011
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Handle: RePEc:pra:mprapa:28564

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Related research

Keywords: the system of internal control; BSA60; the Chief Registrar of Friendly Societies (CRFS); the Treasury; building societies; supervision of retail financial intermediaries; delegated monitoring; UK;

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  1. Benston, George J & Smith, Clifford W, Jr, 1976. "A Transactions Cost Approach to the Theory of Financial Intermediation," Journal of Finance, American Finance Association, vol. 31(2), pages 215-31, May.
  2. Townsend, Robert M., 1979. "Optimal contracts and competitive markets with costly state verification," Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The Economic History of Banking
    by bbatiz in NEP-HIS blog on 2011-11-05 09:42:56

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