Tracey McDermott said banks are improving but more work needs to be done
Britain’s top financial lawyer has
warned investment banks they are "not out of the
woods yet" and called on management to think holistically about
root causes and company culture.
Tracey McDermott, the director of enforcement and crime at
the Financial Conduct Authority, told a conference in London
that historically too little attention had been paid by senior
management to incentives.
"That is changing. Senior management and boards are engaged
much more actively with the conduct agenda – no doubt
helped by the sanctions imposed here and overseas for some
historic failings – but also because the
investigations into those failings have demonstrated that the
way in which the business operated was, perhaps, not quite as
they imagined, or wanted."
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