Unless these conflicts are identified and dealt with, at all levels, any reform of the framework is bound to be partial and dealing mainly with failures of the past, rather than address the challenges of the future. The problem is that, by their very nature, conflicts of interest are hardly recognized by those that are directly affected by them.
This is why a sustainable reform requires the contribution of all parties involved. I will not list all the conflicts in the financial system, nor the remedies, but only provide some examples of what needs to be tackled, with a top down approach, from legislation to market participants.