Bank of England governor's bid to clean up banker misconduct

Bank Of England Building

Bank of England Governor Mark Carney ordered the finance industry to observe new rules on market conduct and threatened an even tougher regime if traders and bankers fail to comply.

Bloomberg News reports that his comments came as the BOE published the Fair and Effective Markets Review in London Wednesday, which recommends a new code of practice and longer jail terms for infractions.

He said individuals must be “held to account” and firms must also take greater responsibility.

'This is a major opportunity for the industry to establish common standards of market practice', Carney said. 'If firms and their staff fail to take this opportunity, more restrictive regulation is inevitable'.

To access the complete Bloomberg News article hit the link below:

Carney Says Bankers Must Improve Conduct or Face Clampdown

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