Regulators can influence but not prescribe culture, Bailey says in last speech at PRA
Incoming FCA chief warns bank regulators cannot write a rule to “settle” culture
In his final speech as chief executive of the Prudential Regulation Authority (PRA), Andrew Bailey today (May 9) warned there was "no magic bullet" to culture change.
Speaking in London, Bailey stressed the PRA was not able to write a single regulatory rule that would "settle" culture. "As regulators, we are not able, and should not try, to determine the culture of firms," he said. Regulators should instead seek to ensure firms have "robust governance".
As an example, Bailey praised the senior
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