Why do you think financial services are required. what are your views on proper regulation of these services?
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Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices, case law.
Financial services are very much important because they deal with money management. The financial service providers are trained to help customers to save more and spend less money. Financial services provide long, medium and short-term loans.
A proper regulation on Financial services results in
- Financial services such as mutual funds provide ample opportunity for different types of saving money.
- The presence of insurance companies minimise the risks.
- The presence of financial services enables business people to maximise their returns. This is possible due to the availability of credit at a reasonable rate.
- The financial services guarantee equal allocation of funds to all the three sectors namely, primary, secondary and tertiary so that activities are spread over in a well-balanced manner in all the three areas.