UK banks hope self-discipline will ease regulatory onslaught
Self-regulation is an idea that is fast taking hold in the banking industry. Measures under discussion include greater use of sanctions for breaching codes of conduct and making whistleblowing easier – but questions remain over their implementation
For every action there is an equal and opposite reaction. That is a fundamental law of physics. It is also a law UK banks seem to follow in their dealings with regulators: the heavier supervisory pressure has become, the harder they have pushed back with proposals for self-regulation.
Enforceable codes of ethics, mandatory professional qualifications and enhanced whistleblowing procedures are all
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