Responding to his annual Mansion House speech, CISI Chief Executive Simon Culhane, Chartered FCSI, said: “The Governor could do more to restore public trust by taking three simple preventative steps.”
The CISI advocated that he should:
- Require anyone working in the financial sector to be a member of an accredited professional body with an established code of conduct
- Require every individual working in the financial sector, before starting work, to take and pass an integrity test, similar to that already taken by over 25,000 people who either sit for the CISI’s wealth and capital markets exams, or who are CISI members.
- Lead by example and, additionally, ask every Bank’s CEO and Chairman to abide by 1) and 2).
In a bid to combat an “ethical drift” in standards, Mr Carney wants the senior managers’ regime to be extended to all firms active in fixed income, currencies and commodities markets, including dealers and asset managers.
He has also called for maximum sentences for wrongdoing to be lengthened from seven to ten years.