Compliance and Regulatory Consulting
Local and global compliance expertise.Compliance and Regulatory Consulting
Monique Melis, Managing Director and Global Head of Regulatory Consulting at Duff & Phelps, was quoted in GT News commenting on ethical standards in the financial services industry following the sudden resignation of one of the Bank of England's top managers.
Melis stated, “There is a worrying disconnect in the industry today between blindly following volumes and volumes of internal policies and having an actual understanding of what they mean operationally to the business. This is particularly evident when it comes to conduct risk and managing conflicts of interest. As such, regulators are still battling with how to effectively tackle the issue as although the right procedures may be in place, firms are still struggling with ethics and conduct risk. Much more training is required, and at all levels. Regular staff engagement that emphasizes adherence to the cultural and ethical aspects of the business is important. That said, it is also clear that many in the industry feel like they are walking across a regulatory tightrope. There is a risk we could drive senior employees out of the financial services sector if these measures are too punitive. In fact, we have already seen evidence of that across various key functions in both large and mid-sized banks.”
A copy of the article is available on the GT News website.