Battling the rogue trader
Following the collapse of Barings Bank in February 1995, a raft of regulatory investigations were carried out within the financial industry. Ailbhe Edgar and Abdulali Jiwaji discuss the measures now in place to prevent similar disasters
The collapse of Barings Bank in February 1995 was a huge shock to the financial world and led to a raft of regulatory investigations. In the immediate aftermath, the Board of Banking Supervision in the UK and inspectors appointed by the Singapore Ministry of Finance produced lengthy reports on the reasons for the collapse. Investigations were also carried out by the Accountants’ Joint Disciplinary Tribunal and the Department of Trade and Industry (DTI) brought disqualification proceedings under the Company Directors’ Disqualification Act, which resulted in the disqualification of a number of the former directors.
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