‘Hard’ law not enough to reform banking culture, says BoE’s Shafik

Minouche Shafik. Photo: DFID
Department for International Development

Market participants must come together to create "aspirational standards" that exceed those of the regulator and encourage an "ongoing behavioural change" to ensure better future conduct by bankers, a deputy governor from the Bank of England said in a speech on October 20.

Highlighting the progress made in the Fair and Effective Markets Review, Minouche Shafik explained that while regulators were charged with introducing rules and regulations to enforce minimum standards of conduct, to hold

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