"Countless" could best describe the number of books and articles that have been published over the last 12 years on financial regulation and the travails of the financial services industry following that maligned 2008 annus horribilis. 

Academic and industry players have dissected the innumerable (operational and regulatory) deficiencies in the system, solemnly pursued post-mortems and revisited or fantasized theories and models for a better post-Lehman world in such publications, some worthy to be read, perhaps others less so. Researchers, students and whoever works in the financial services sector, particularly in a regulatory and compliance function, can therefore find themselves in a conundrum when yet another new book on financial regulation is added to the already bewildering choice of publications. Is it worth reading? Is it long?

John Consiglio's new publication takes a step back and, rather than producing yet another deep analysis of some nook or cranny that has not yet been (over)explored, weaves an intriguing multi-faceted discussion on the many strands of finance (mainly banking) and regulation in less than 90 pages. His is certainly not a long read for it comprises eight chapters (including the introductory and concluding chapters) covering a select few topics, undoubtedly close to the author's heart. These include topics such as regulatory expertise, the regulatory environment, the link between regulation and economics and lastly, "how regulation should be taught". 

The author's style may challenge a few academic conventions (there are hardly any sub-titles and some paragraphs are composed of one long sentence). But that should not deter the reader from getting to grips with the intensity and flow of the subject, especially on the fine observations he makes (indirectly) with relevance to the local scene.  

The reader will certainly notice that throughout the publication, the author poses several questions in an effort to instigate the reader to think, and keep asking more questions.  Indeed, what makes John's work different is that, in many instances, he refrains from presenting a theme or theory as a fait accompli. Neither does he fall into the trap of theorising what would likely be the trajectory of one approach to another, as he acknowledges that regulation is "a process of constant reconceptualization".

Ever observant and inquisitive, the author's work draws from his reading and research into a tremendous amount of academic reading (but not only) and juxtaposes his arguments into a number of historical elements, some of which may have brought banking/finance to a cliff's edge, only to be propped up to survive (but not without casualties) through copious regulatory interventions.

At times, the author is more interested to stir up a debate rather than suggest answers. The author refrains from proposing any new theories but rather revisits a number of them, puts them in context and kicks off observations and questions to stimulate discussion. 

The author quizzes the frame of mind and disposition of regulators in the face of new technologies that propose to challenge the traditional or tried-and-tested formulae by which finance is delivered and offered. Clearly, he does not have answers to all the questions that he himself poses in the fields of financial technology. It is not a sign of weakness but rather a reflection of a seasoned banker who has cut his teeth in finance and has lived through a banking era spanning over 60 years or so. The author's reference to a few majestic banking failures over the last 70 years goes to show that history repeats itself perpetually but lessons may not always be learnt, as the recent Wirecard evolving saga seems to suggest.   

One of the author's close-to-heart subjects (or projects) is the teaching of regulation at academic level. This is an area on which he had already published widely but which he keeps revisiting and harping upon. One can only presume why this may be so, but the author keeps persisting, hoping (justifiably so), for more supporters and initiatives along the way.

Courting controversy would not have been the aim of this publication. However, even a casual observer of the events of the past few years in local financial services sector and regulation in Malta would not help but notice the author's professional observations on regulatory behaviour and attitude.  There is quite to digest in the few but pointed words that the author has certainly allowed himself to write (or disclose) in this volume.

Anyone engaged in finance and regulation will concur with the author's closing reflection of the "emergence of a spectrum of regulatory approaches" particularly in financial services.  Regulation is not only dictated by regulators and it would be naïve to think that behaviour in the marketplace is, or ought to be, simply dictated by law or the regulator taking the high moral ground. In some jurisdictions, particularly those that consider regulation - in the author's words - as the pursuit of "financial protection, financial stability or security, and financial advancement", the role and competence of other players in the system may well render them as quasi regulators, thus able to influence future behaviour and regulatory development. The author hinted at the role of alternative redress models (and less so in regard to consumer stakeholders) as co-regulators, or as another author suggests, tiered components of an integrated system.

Such a debate, at local level, might not have even started as, unfortunately, a compliance culture of "ticking boxes" (to gratify the regulators?) has - in many areas - eclipsed the very purpose for which regulation and regulators exist: the public interest at large.

Geoffrey Bezzina is chairman of the Board of Management and Administration of the Office of the Arbiter for Financial Services