Backing Market Forces: How To Make Voluntary Standards Markets Work For Financial Services Regulation

This report is the outcome of a research project conducted between June and November 2013 which explored how voluntary standards markets might be applied to financial services regulation and sought to provide independent verification of their potential in the financial services sector. The central finding of this report is that voluntary standards could play a greater role in rebuilding a safer and more trusted financial services sector. The report illustrates the use of standards in other industries, the drivers behind their development, the application of existing standards in the financial services sector, other areas in financial services to which standards markets might also be applied, and who might be the potential users of new standards for areas of financial services.

The report was well received and gained media attention, including the London Evening Standard, BBC 4 radio, Banking Technology and Reuters. The report was also discussed with regulators, most notably the FCA, Bank of England, Lloyd’s, and ESMA, and numerous trade bodies, e.g. BBA, LMG, ABI, IUA, Wealth Management Association.

This free-to-download report was published by BSI, the Chartered Institute for Securities & Investment and Long Finance in November 2013 (press release):

Related Project

• Opportunities for Standard Development in Insurance and Investment & Asset Management

Related Publications

• "An Opportunity For Collaboration: Standards, Conformity Assessment, Accreditation And Insurance", International Organization For Standardization, October 2017, 14 pages.
• Michael Mainelli, Chiara von Gunten and Therese Kieve, "Opportunities for Standards in Insurance", report prepared by Z/Yen Group for BSI and Long Finance, October 2014, 20 pages
• Michael Mainelli, Chiara von Gunten and Therese Kieve, "Opportunities for Standards in Investment & Asset Management", report prepared by Z/Yen Group for BSI and Long Finance, October 2014, 20 pages

Related Events

• "The Future of Financial Standards", SWIFT, SWIFT Institute and LSE, London, 25 March 2014
• "Wake Up And Smell Up Standards: Backing Market Forces - Report Launch", London, 18 November 2013
• "Backing Market Forces: How To Make Voluntary Standards Markets Work For Financial Services Regulation", Presentation by Michael Mainelli at the CISI & EFFAS Conference on Long-Term and Sustainable Finance, London, 14-15 October 2013
• "How to Make Voluntary Standards Markets Work for Financial Services Regulation? Preliminary Research Findings", London, 10 September 2013
• "The Role of Standards Markets in Finance", London 10 July 2013

Related Articles

• Michael Mainelli and Chiara von Gunten, "Backing Market Forces: Voluntary Standards Markets And The Regulation Of Financial Services", Securities and Investment Review, Securities & Investment Institute, November/December 2013, pages 22-23

More Information

Find out more about Long Finance research interest in Voluntary Standards Markets.