The City in Europe: Regulation, Culture and the Bottom Line
As the reputation and economic role of the financial sector continues to be called into question, there are demands for further regulation at national and EU level. Regulators have made it clear that they will act to introduce stricter legislation. Will this just result in more rules and therefore more rule-bending? Are complex rules the right answer to complex problems? Current research shows that simple principles may produce better results. A change in corporate culture is surely an integral part of good regulation.
It is clearly in the financial sector's interest to raise its ethical standards, since poor conduct has caused repeated harm to the bottom line. But is improving the bottom line the only reason for business to behave ethically or is there a motivation beyond the books? Why do we need good corporate culture in society?
Our panel of specialists discussed how to engage City professionals and politicians in defining culture change in the City and the contribution of traditional concepts of morality.
The European Parliament Information Office in the UK and St Paul's Institute and the British Bankers' Association hosted the discussion.
Sharon Bowles MEP
Leslie Griffiths, Lord Griffiths of Burry Port
Anthony Browne, CEO, BBA
Bill Michael, Head of Financial Services, KPMG
The debate was moderated by Brooke Masters, Chief Regulation correspondent, Financial Times.
The event was covered in the newspaper City AM Fund managers could get reprieve from bonus cap