The mis-selling of financial products – from humble residential mortgages, to securitisations stuffed full of thousands of them – has been a perennial concern for op risk managers over the past decade. Their fears are perhaps an honest reflection of a financial services industry founded on a target-driven sales culture, that will always be open to abuse.
Practitioners’ pessimism is well founded. Banks around the world have been paying out hundreds of millions of dollars every month for years in
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