Bank of England official compares banks to careless fighter pilots

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A senior Bank of England official has compared banksfailures to prevent Libor and foreign exchange rigging to a fighter pilot ignoring safety checks, saying it should be in the banks’ own interests to stamp out bad behaviour.

The Telegraph reports that Andrew Hauser, the BoE’s director of markets strategy, said ensuring good conduct had become misaligned with profitability at banks, causing systematic failures that led to traders ripping off customers in an attempt to make money.

He said that despite an 'enormous' focus on improving standards at many banks, promises to reform could become like a quickly-forgotten New Year’s resolution if rules are not put in place to make sure it is in a bank’s best interests to do so.

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Banks rigging markets are 'like careless fighter pilots'

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