Wednesday 21 January 2015
The risk of staff acting unprofessionally, unethically or illegally has become a major concern for supervisors and banks - as reported by Michael Imeson in 'The Banker' on 5 January 2015.
The Centre for Commercial Law Studies at Queen Mary University of London has recently set up an Institute for Regulation and Ethics and is carrying out research into conduct risk.
Dr Costanza Russo, Deputy Director of the Institute and Lecturer in International Banking Law and Business Ethics, was quoted in 'The Banker' article:
“More should be done at corporate governance level to make sure that the directions from the top actually reach the ‘foot soldiers’ below”
“Banks have realised that complying with rules is no longer enough. Some are sending very clear messages that aggressive selling is not an accepted practice, and most of them have sent their employees back to school to attend ethics and compliance training programmes. However, conduct will not improve unless the culture changes too.”
Read the full article Breaking Bad Banking - Conduct risk in 'The Banker'