UK FPC member believes drivers of risk need to change

The new regulatory system introduced into the UK banking system cannot alone prevent the possibility of a fresh crisis unless the culture and incentive systems that drive risks in the banking system change, according to Michael Cohrs, a member of the Bank of England's Financial Policy Committee (FPC).

Addressing an audience in Edinburgh on March 23, Cohrs said: "I see evidence that banks are changing incentive systems and this will lead to a different culture within the banks."

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