Special Advisor Martin Moloney spoke about the role of culture in financial regulation. Both Derville Rowland, CBI Director General of Conduct Regulation, and Ed Sibley, CBI Deputy Governor of Prudential Regulation, have stressed the issue of culture recently.

Mr. Moloney emphasised that regulated firms themselves have a responsibility to lead cultural shifts. However, regulators can also impact culture through governance requirements around board-level awareness of ethical issues and by increasing the formality of individual accountability of firm leaders. Regulators can also develop culture by providing firms with feedback from regulatory investigations.