Monique Melis, Managing Director and Global Head of Regulatory Consulting at Duff & Phelps, was quoted in City A.M. discussing the new rules designed to increase personal accountability on senior bankers.
"We have seen the regime start to change the way compliance departments budget. They are not just counting compliance costs, but the costs of hiring a replacement compliance officer or interim staff, for regulatory penalties and remediation in cases of failure, and for their own personal liability of things go wrong. In short, this regime may have been a game-changer after all. Almost a decade after the financial crisis, the cultural change in financial services is finally starting to happen"
A copy of the article is available on the City A.M. website.