Longer-lasting solutions are required to embed the correct culture rather than to impose conduct rules and police market participants. The financial services industry needs a fundamental shift in its mind-set on culture – that which is a value system that shapes the way in which we do business and contributes to building and maintaining trust.
This is not to say that these value systems do not exist; I just think that the need to ‘meet targets’ in a profit-driven environment often  Page 2 of 8  supersedes other goals and creates conflicts of interest. A regulatory response should be the last resort, only when there is clear evidence that self-regulation has failed.