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New Accountability in Financial Services: Changing Individual Behaviour and Culture

New Accountability in Financial Services: Changing Individual Behaviour and Culture

Author: Joe McGrath; Ciaran Walker
Publisher: Palgrave Macmillan
ISBN: 9783030887148

Published In: March 2022
Format: Hardback
Jurisdiction: Switzerland ? Disclaimer:
Countri(es) stated herein are used as reference only
Paperback Edition ISBN: 9783030887179

HKD 1,299.87

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Description
Contents

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This book is a critical examination of recently introduced individual accountability regimes that apply to the financial services industry in the UK (SMCR) and Australia (BEAR and the forthcoming FAR), together with a forthcoming new individual accountability regime ( in particular, SEAR) in Ireland. It provides a framework for analysing whether these regimes will achieve behavioural change in the financial services industry. This book argues that, whilst sanctioning individuals to deter future misconduct is an important part of any successful regulatory strategy, the focus should be on ensuring that individuals in the financial services industry internalise the norms of behaviour expected under the new regimes. In this regard, the analysis in this book is informed by criminological theory, regulatory theory and behavioural science.

The work also argues for a "trajectory towards professionalisation" of financial services, and banking in particular, as an important means of positively influencing industry-wide norms of behaviour, which have a key influence on firms' and individuals' behaviours.

CHAPTER 1: CHANGING INDIVIDUAL BEHAVIOUR AND CULTURE - AN INTRODUCTION AND OVERVIEW

CONTRIBUTION TO EXISTING RESEARCH IN THIS AREA

THE STRUCTURE OF THIS MONOGRAPH

CHAPTER 2: 'RESPONSIVELY' REGULATING THE FINANCIAL SERVICES SECTOR: AN EVOLVING ARCHITECTURE

INTRODUCTION: THEORY AND PRACTICE

AN EVOLVING REGULATORY THEORY

IMPLEMENTATION IN PRACTICE: FROM "LIGHT TOUCH" TO INTRUSIVE REGULATION GENERATING CULTURAL CHANGE

CONCLUSION: ATROPHY OR THE POTENTIAL TO FLEX A NEW MUSCLE?

CHAPTER 3: THE SYSTEMIC PROBLEM OF UNETHICAL BEHAVIOURS IN FINANCIAL SERVICES

INTRODUCTION

THE SCALE OF UNETHICAL BEHAVIOURS IN THE FINANCIAL SERVICES SECTOR

CAUSAL FACTORS