Bad bankers too often regard their unscrupulous behaviour as a minor wrongdoing, akin to breaking the speed limit, rather than a serious offence, one of Britain's top investment bosses and governance experts has warned.
The Daily Telegraph reports that Elizabeth Corley, global chief executive at Allianz Global Investors, said that a major push was needed to make sure market participants realise the extent of their wrongdoing and take it more seriously.
'One of the things we found in talking to management, legal and compliance, and audit, is that very often, people were confused about what right and wrong was', she told TheCityUK's annual conference.
Ms Corley, who also heads the new Fixed Income Market Standards Board (MSB), established by the Bank of England's Fair and effective Markets Review to help firms clean up their act, added: 'Most people in this room would say, that is ridiculous, it is obvious. But In complex, fast moving and innovating markets, and we're talking about fixed income, currency and commodity, wholesale markets, sometimes it is not obvious'.
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