The legislation, signed off by Roosevelt, effectively separated commercial banking and investment banking. In a opinion piece, Joseph E. Stiglitz, winner of a Nobel Prize in economics, blamed the recent financial crisis on partial repeal of the act, alongside other workarounds. The Dodd-Frank reform bill signed into effect by Barack Obama in includes the Volcker Rule, named after former Federal Reserve chairman Paul Volcker, which attempts to take banks to the humdrum days of old, when banking was black-suited, toneless and there was not a fintech in sight. President Trump, of course, is prepared to do a number on the Dodd-Frank bill, accusing it, despite its conservative flavour, of still encouraging risky behavior.
A variant ex-Fed chairman Ben Bernanke says elimination of Dodd-Frank provisions would be a major mistake. It is with this understanding that the government agrees to pick up the tab should they fail. Speculative investment may seem from the public point of view a risky venture, but from a financial perspective liquidity and high returns are part and parcel of effective policy. A stalwart of high growth, China, ever the model to follow, recently allowed banks to buy insurers, stimulating bancassurance.
Whilst it is either a dim memory in the UK, or a nonentity in the US, in Europe bancassurance remains an effective means of provisioning customers in need of insurance. Life insurance and long-term saving products have historically dominated European bancassurance, although non-life products have become more attractive and easier to mediate in recent years. Bancassurance has its natural home in France and Spain, where the public are culturally accustomed to buying insurance from banks. Insurance companies like AXA find the relationship incredibly beneficial.
In the s bancassurance was driven by high financial content products indexed and unit-linked policies which were easy to sell during a time of growth, especially with the sudden expanded Internet usage. Today there is a move towards mass-market clients, and analytics-driven technology and RPA alongside the prospect of open banking expands the potential to new grounds.
MDS: | LibraryThing
When universal banking provision was integrated into EU banking legislation, a model was promoted which allowed investment to gets it teeth into fare which had traditionally been the hunting grounds of Germany and Switzerland. Other countries like Spain, Belgium and France have had integrated services since the s, though only recently did the uninitiated realize the existence of such a complementary service. The reality is that the Wall Street model is essentially replicating the bancassurance blueprint that has existed in Europe for decades.
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