In some cases this has led, ultimately, to the failure of the firm when earlier acceptance and change would have, perhaps, preserved it. I spoke at an event last year21, during which I highlighted that the consequential breakdown in public trust and confidence in financial services, and the need for meaningful cultural change to repair and restore trust.
But there are also other times when a very academic and technical language is used… Yes, that’s true. ... when perhaps not everyone can follow the arguments being made by the European Central Bank. What can you do about that? We have to simplify our language.