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'Moral contagion' at the root of control failures
Bank reform should focus on culture and ethics, as it's impossible to improve behaviour through incentives alone, according to two Oxford academics
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Restoring trust in the financial industry will require moral shifts as well as compensation reform, Oxford academics Nick Morris and David Vines told a seminar at the London School of Economics yesterday.
Morris and Vines, who coedited 'Capital failure: Rebuilding trust in financial services', argued that the focus should be on establishing norms of ethical behaviour – as is the case in other professions such as the law and medicine.
Morris argued that banking culture had deteriorated in recent
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