Regulators can influence but not prescribe culture, Bailey says in last speech at PRA

Andrew Bailey
Bailey gives final speech as PRA chief

In his final speech as chief executive of the Prudential Regulation Authority (PRA), Andrew Bailey today (May 9) warned there was "no magic bullet" to culture change.

Speaking in London, Bailey stressed the PRA was not able to write a single regulatory rule that would "settle" culture. "As regulators, we are not able, and should not try, to determine the culture of firms," he said. Regulators should instead seek to ensure firms have "robust governance".

As an example, Bailey praised the senior

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