Financial services is a critical infrastructure, together with other sectors such as communications, energy and transport. We all depend on these and are greatly harmed if they fail. Regulators define several types of industry failure. There is company failure, when a single business performs badly; systemic failure, when a poorly performing company also causes others to fail; and market failure, when a whole market performs badly because of a lack of effective competition.
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This article first appeared in Financial World
, the journal for The London Institute of Banking & Finance.