Ethical reform, not fines, will fix banking: interview
Oxford professor David Vines argues that the carrot is as important as the stick when it comes to financial institution reform
Examination of some of the worst conduct failures in recent history, such as the payment protection insurance (PPI) mis-selling scandal in the UK, has focused on the role of misaligned incentives: sales staff and customer-facing employees were paid bonuses determined by sales volume, and this led to millions of products being sold to the wrong customers. This, combined with public outrage at the
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