The development of regulatory control throughout history and its impact on the field of ​​money transfers
- Author Nadav Trif
- Published May 22, 2013
- Word count 639
In the past, before the era of the Internet and fast communication, when the banks and authorities had absolute control over banking services, it was impossible to manage without the banks. Subsequently a cartel of banks was formed, manifested by very high commissions for all various services they provided - continuing today despite the increasing competition in some services that previously were dominated exclusively by banks - starting from the simple operations each person performs in his/her account up to credit transfers one wishes to make between various accounts.
Following the enormous technological development that occurred in recent decades in the computing realm in general and particularly the Internet, focusing on satellite and optic fiber communication, a simple, easy and convenient way was created to perform many transactions that previously were impossible due to the absence of such means.
One of the sectors accelerating greatly in recent years is that of money transfers in general and particularly credit transfers carried out by private companies. The great advantage these companies have over banks is that they offer significantly lower commission fees than required by banks as well as saving long waiting time wasted waiting in line to receive the service.
Although in principle there is a natural and understandable concern regarding performing transactions via the Internet due to fear of fraud and impostures, a number of effective mechanisms were created to ensure safe online use:
In order to check the legality of the website and that the website is official and is recognized by the authorities, one should see that the website contains the approval signature of the authority responsible for the supervision of the economics and finance fields as well as the confirmation number.
The purpose and function of the authority is to make sure all the activities carried out by that agent are legal and regulated by the various authorities.
The regulatory field was first developed as a systematic administrative method in the USA in the end of the previous century. The regulatory agencies were first established due to the enormous power the iron rails owners had and the monopoly status they held in relation to their main customers: farmers who needed their services to move their produce to central markets. The establishment of organized political movements, in which the farmers had a central role, in the 1880s, led to the enactment of laws and the formation of regulatory agencies in the various countries of the American Federation. The main function of these agencies was to monitor shipping rates. In 1887 the regulation expanded from state level to federal and the "Interstate Commerce Commission" was founded and granted official power to regulate shipping rates.
During the New Deal era the regulators’ actions expanded into labor and capital markets and various industries such as the electricity, food, medicines, communication industries, etc.
During the 1960s and 1970s additional regulatory agencies were founded. These agencies were named as part of social regulation. Primary attention was given to the development of agencies and regulatory tools for product safety, quality, as well as environmental pollution problems, and workplace safety.
Contrary to the U.S. and despite its liberal tradition the UK did not develop a formal regulatory tradition up to the late 1970s. Paradoxically, the privatization and liberalization processes promoted by the conservative government led by Margaret Thatcher, led to the promotion of the need to establish regulatory agencies, especially in the infrastructure sectors, such as telecommunications, cable, gas, radio, electricity, water, and fuel, but also in the banking, insurance and capital markets sectors.
The Financial Supervision Authority, FSA, became responsible for supervision of all financial factors in England.
In order to verify the legality of the company you wish to work with, look for the approval of the supervisory authority and the confirmation number that must appear on that company’s website.
Learn more about various Options for transferring funds at www.moneynetint.comArticle source: http://articlebiz.com
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