Tag: accountability

accountability

And Another Thing…

There has been more emphasis within the financial services industry on the responsibility of the individual in recent years as regulators have dealt with misconduct, but will this ever actually succeed when too many institutions – banks especially – have such a complex and over-lapping management structure?
How can an individual be responsible for something when they are a “co” head of business and into the bargain report to about seven people, all of whom are also “co” heads of something?

Shafik Calls for “Ethical Lift”

Outgoing deputy governor of the Bank of England, Manouque Shafik has called for a move from what she terms “an ethical drift” to an “ethical lift”.
Speaking at the New York Fed conference on conduct and behaviour, Shafik accepted that misconduct in financial markets is nothing new, but argued the wave of misconduct which has emerged in the aftermath of the financial crisis is different. She highlighted the benefits of the UK’s blend of “hard law” and “soft law” when establishing a compliance framework.