The first legal mortgagor: a consumer without adequate protection?

This article contends that the UK government’s attempt to create a well-functioning consumer credit market will be undermined if it fails to reform the private law framework relating to the first legal mortgage. Such agreements are governed by two distinct regulatory regimes that are founded upon very different conceptions of the mortgagor. The first, the regulation of financial services overseen by the Financial Conduct Authority, derives from public law and is founded upon a conception of the mortgagor as “consumer”. The other is land law, private law regulation implemented by the judiciary and underpinned by a conception of the mortgagor as “landowner”. Evidence suggests that the operation of these two regimes prevents mortgagors from receiving fair and consistent treatment. The current reform of financial services regulation therefore will change only one part of this governance regime and will leave mortgagors heavily reliant upon a regulator that still has to prove itself. What this article argues is that reform of the rules of private law must also be undertaken with the aim of initiating a paradigm shift in the conception of the mortgagor from “landowner” to “consumer”. Cultural shifts of this kind take time but the hope is that this conceptual transformation will occur in time to deter the predicted rise in mortgage possessions

Truth Commissions after Economic Crises: Political Learning or Blame Game?

This article addresses an important but understudied aspect of the recent Great Recession in Europe: the institutional strategies political elites deployed to learn from past policy failures and address accountability, more specifically, truth commissions. We raise two overlapping puzzles. The first concerns the timing of the decision to adopt an economic truth commission: while Iceland established a truth commission at an early stage of the crisis, Greece and Ireland did so much later. What accounts for ‘early’ versus ‘delayed’ truth seekers? The second concerns variations in learning outcomes. Iceland’s commission paved the way for learning institutional lessons, but truth commissions in Greece and Ireland became overtly politicised. What accounts for these divergences? This article compares truth commissions in Iceland, Greece and Ireland and identifies two types of political learning – institutional and instrumental – related to the establishment of a truth commission. It argues that political elites in countries with higher pre-crisis levels of trust in institutions and public transparency are more likely to establish economic truth commissions quickly; this is the ‘institutional logic’ of learning. The ‘instrumental logic’ of learning, in contrast, leads governments interested in apportioning blame to their predecessors to establish commissions at a later date, usually proximal to critical elections

Really responsive risk-based regulation

Regulators in a number of countries are increasingly developing "risk-based" strategies to manage their resources, and their reputations as "risk-based regulators" have become much lauded by regulatory reformers. This widespread endorsement of risk-based regulation, together with the experience of regulatory failure, prompts us to consider how risk-based regulators can attune the logics of risk analyses to the complex problems and the dynamics of regulation in practice. We argue, first, that regulators have to regulate in a way that is responsive to five elements: (1) regulated firms' behavior, attitude, and culture; (2) regulation's institutional environments; (3) interactions of regulatory controls; (4) regulatory performance; and (5) change. Secondly, we argue that the challenges of regulation to which regulators have to respond vary across the different regulatory tasks of detection, response development, enforcement, assessment, and modification. Using the "really responsive" framework, we highlight some of the strengths and limitations of using risk-based regulation to manage risk and uncertainty within the constraints that flow from practical circumstances and, indeed, from the framework of risk-based regulation itself. The need for a revised, more nuanced conception of risk-based regulation is stressed

Virulence potential and host response to Cronobacter sakazakii

Cronobacter sakazakii is in the Cronobacter genus (previously known as Enterobacter sakazakii), which consists in total of seven species. C. sakazakii strains in the clonal complex 4 (CC4), including sequence type 4 (ST4), have been strongly associated with neonatal meningitis. In recent years, research on this organism has made substantial progress using improved identification and molecular methods including multilocus sequence typing. A number of virulence traits have been proposed but have not been studied to date with respect to detailed aspects of the virulence potential and host response. Therefore this project compared 34 isolates of C. sakazakii made up of clonal complex 4 (CC4; 21 isolates) and non-clonal complex 4 (13 isolates) strains for their virulence potential, and investigated whether CC4 strains have the ability to overcome the host barriers more than the other sequence types. The attachment and invasion of mammalian intestinal and brain cells by these strains were evaluated using colorectal adenocarcinoma epithelial cells (Caco-2), human brain microvascular endothelial cells (HBMEC), and rat brain capillary endothelial (rBCEC4) cell lines. Furthermore, the ability of the organism to translocate through different cell lines, including Caco-2 and HBMEC, was assessed

Heads I win, tails you lose? A career analysis of executive pay and corporate performance

The paper adopts a novel career perspective to examine theories of corporate control in the context of executive pay. Detailed career histories of boardroom executives in all FTSE 350 companies between 1996 and 2008 are utilised. The paper highlights the failure of existing arrangements to adjust pay outcomes where career performance is poor. The leading theoretical reasons for this disconnect, namely managerial power and neoinstitutionalism, are not consistent with the data. The paper identifies a settling-up process at work, whereby pay is adjusted in the light of both past pay and past performance. From a policy perspective, a case is made for adopting a cumulative or career-oriented approach to rewarding executive performance through the use of truly long-term incentives in the form of 'career shares'

Aquatic food security:insights into challenges and solutions from an analysis of interactions between fisheries, aquaculture, food safety, human health, fish and human welfare, economy and environment

Fisheries and aquaculture production, imports, exports and equitability of distribution determine the supply of aquatic food to people. Aquatic food security is achieved when a food supply is sufficient, safe, sustainable, shockproof and sound: sufficient, to meet needs and preferences of people; safe, to provide nutritional benefit while posing minimal health risks; sustainable, to provide food now and for future generations; shock-proof, to provide resilience to shocks in production systems and supply chains; and sound, to meet legal and ethical standards for welfare of animals, people and environment. Here, we present an integrated assessment of these elements of the aquatic food system in the United Kingdom, a system linked to dynamic global networks of producers, processors and markets. Our assessment addresses sufficiency of supply from aquaculture, fisheries and trade; safety of supply given biological, chemical and radiation hazards; social, economic and environmental sustainability of production systems and supply chains; system resilience to social, economic and environmental shocks; welfare of fish, people and environment; and the authenticity of food. Conventionally, these aspects of the food system are not assessed collectively, so information supporting our assessment is widely dispersed. Our assessment reveals trade-offs and challenges in the food system that are easily overlooked in sectoral analyses of fisheries, aquaculture, health, medicine, human and fish welfare, safety and environment. We highlight potential benefits of an integrated, systematic and ongoing process to assess security of the aquatic food system and to predict impacts of social, economic and environmental change on food supply and demand

The Variations in Religious and Legal Understandings on Halal Slaughter

Purpose: This paper attempts to provide an overview of different understandings regarding the concept of "what constitutes halal" and "who determines this concept?" In practice, this equates to contemporary legal understandings versus religious understandings. The paper further aims to provide an overview of competing Muslim understandings regarding the concept of "What does or does not constitute halal slaughter?" In practice, this equates to evaluating the application of no stunning at all upon an animal (unanimous acceptance) versus the application of reversible stunning upon an animal (contested). Design: The study includes a review of priori literature and considers the current scenario of the halal poultry trade and raises important questions regarding Islamic dietary practices, halal food integrity, religious and animal welfare understandings. Three key questions were raised: "To what extent does stunning impact halal slaughter?’, ‘Who determines what is halal slaughter?’ and ‘What are the variations and tensions between legal and religious understandings of halal slaughter?’ Findings: The examination of such requirements and concomitant consumer and provider expectations is underpinned by a study of an operational framework, i.e. industry practices with poultry (hand slaughter, stunning, mechanical slaughter, etc.), ethical values and market forces to appraise whether there is a point of convergence for these that can be beneficial for both seller and consumer concerns. This paper has considered different perspectives on the religious slaughter and provided an overview of competing understandings regarding the above concepts. Originality/value – This study although academic and philosophical in nature, raises questions on route to suggesting future research directions. It provides real value in stimulating more research in the area of halal food production and contributes to the understanding of different slaughter requirements for religious slaughter and the meat industry. It further sheds light on not only the religious and secular legal frameworks on animal slaughter and welfare but also the variations in understanding between them and provides examples of attempts to bridge any gap. The paper highlights the importance of halal food based on religious values and its implications for wider society

Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology

This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape

A transport and lairage model for Salmonella transmission between pigs, applicable to EU member states

A model for the transmission of Salmonella between finisher pigs during transport to the abattoir and subsequent lairage has been developed, including novel factors such as environmental contamination and the effect of stress and is designed to be adaptable for any EU Member State (MS). The model forms part of a generic farm-to-consumption model for Salmonella in pigs, designed to model potentially important risk factors and assess the effectiveness of interventions. In this paper we discuss the parameterisation of the model for two case-study MSs. For both MSs, the model predicted an increase in the average MS level prevalence of Salmonella positive pigs during both transport and lairage, accounting for a large amount of the variation between reported on farm prevalence and reported lymph-node prevalence at the slaughterhouse. Sensitivity analysis suggested that stress is the most important factor during transport, while a number of factors including environmental contamination and the dose-response parameters are important during lairage. There was wide variation in the model predicted change in prevalence in individual batches; while the majority of batches (80-90%) had no increase, in some batches the increase in prevalence was over 70% and in some cases infection was introduced into previously uninfected batches of pigs. Thus, the model suggests that while the transport and lairage stages of the farm-to-consumption exposure pathway are unlikely to be responsible for a large increase in average prevalence at the MS level, they can have a large effect on prevalence at an individual batch level