In one example, a PPI policy bundled with a mortgage – cost the customer more than £ over the term of the loan, even though the maximum amount claimable was only £ The FSA reported that this abuse stemmed from “a culture in banks and other firms that focussed on profit over customer outcomes”. Closer to our region, we saw in 2001 the unexpected failure of the Australian HIH Insurance Group, which experienced estimated losses totalling AUD 5.3 billion. This was attributed in part to a culture where the board was “unduly deferential” to management, and staff simply did not question leadership decisions. In fact, instances of failures in professionalism and integrity do not seem to have waned since the global financial crisis. According to the Boston Consulting Group, banks have paid fines amounting to USD 321 billion to regulators around globe since the crisis through the end of 2016. Instances of misconduct range widely – from the well-known rigging of LIBOR and Euribor rates, to the more recently uncovered case of Wells Fargo, where over 2 million fake accounts were 1/5  BIS central bankers' speeches  opened under a senior management who fostered “an atmosphere that prompted low quality sales and improper and unethical behaviour”. Our financial industry is not invulnerable to the ethical challenge. In the 1980s and 90s, we had cases of Malaysian banks that suffered significant losses arising from imprudent lending under ethically questionable decisions by top management.
Denis Beau: Navigating the digital transition, maintaining a stable payment system Opening address by Mr Denis Beau, First Deputy Governor of the Bank of France, at the France Payments Forum – Les Rencontres Digitales Conference 2021 – Crypto-payments, 8 April 2021. * * *  Introduction The health crisis that we have all been living through for a year now has affected people’s day-today habits, changing not only how we consume but also how we like to pay. This has sped up the transition towards more digital approaches. This acceleration raises major challenges for Europe’s payment ecosystem, but also for payment regulators and supervisors. Thinking now specifically from the viewpoint of the latter, the central question to be addressed is as follows: how to facilitate and support the transition whilst at the same time maintaining the foundations that underpin a safe and efficient payment system. From a safety perspective, these foundations are built on an appropriate regulatory framework and on the availability under any circumstance of central bank money, which alone has legal tender status and which anchors the stability of the whole system; efficiency, meanwhile, relies on having diverse and competing payment solutions and participants, to ensure inclusivity and competitiveness. I would like to share with you my perspective on the answers to this question.