Regulator of the year: Mark Carey

Poorly constructed compensation policies played a significant role in encouraging financial misbehaviour before and after the 2008 crisis, but the Fed’s Mark Carey has received praise from the industry for his efforts to help reform them


The effort to rein in and reform compensation processes at banks has been bigger than any one person or even any one institution. It started at the nadir of the economic downturn in early 2009, when the Financial Stability Board (FSB) published "Principles for sound compensation practices"; later that year, other regulatory groups, including the Committee of European Banking Supervisors (now the European Banking Authority) and the UK Financial Services Authority (now split into two separate

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