Dr Holly Powley, Lecturer in Law, University of Bristol Law School
In the aftermath of the financial crisis, a debate has been raging about the culture of financial services institutions – both in terms of how individuals working with financial institutions conduct themselves, but also on attitudes towards risk-taking within these institutions.
Given that banks are now considered to provide consumers with a service that is essential to the operation of the modern economy, this is an important debate. However, those tasked with regulating and supervising the banking sector haven’t escaped this scrutiny either.
If the UK is to avoid a future financial crisis of the magnitude experienced between 2007 and 2009, there also needs to be a culture change within the institutions tasked with overseeing the UK’s financial services sector.