Andrew Bailey gave his last speech as Chief Executive of PRA before he moves to FCA. He spoke on the importance of culture in both prudential and conduct regulation. He said he was not aware of any case of a major prudential or conduct failing in a firm which did not have among its root causes a failure of culture as manifested in governance, remuneration, risk management or tone from the top. He cautioned senior management against believing they are always right. He then spoke of how regulators can influence culture by rules and expectations, but only firms can put the culture in place. (Source: PRA speaks on culture)