... attempts to stop mal-practice in the UK's financial market in 1693 and 1696, an act to restrain the number and ill practice of brokers and stock jobbers was enacted in 1697. This act outlawed stockbroking in regard to virtually all financial instruments and share of corporations unless licensed to do so by the Court of Alderman of the City of London. However this didn't last past the 1980's which saw an absence of statutory regulation for the rapidly growing financial sector in two sectors of the three that constituted the UK's financial market. Most regulation of the financial market was done through reactionary statutes rather than precautionary. For example when the failure of Albert Life Assurance Co. 1869 was closely followed by the Life Assurance Companies Act 1870. The same was also seen in the investment sector where a number of share-pushing scandals were unearthed and followed by the Prevention ...

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