Regulators in key financial centers across the globe have increased their attention to culture and conduct issues, albeit at varying levels of intensity and with different enforcement philosophies and priorities. In an effort to gain greater consistency and coordination, regulators have also looked to international standard setting bodies to push for international-level guidelines. The Financial Stability Board is at the center of such work.
The FSB has developed a multi-phase work-plan for addressing misconduct risk. In 2015, it established a working group under the leadership of Canada’s Superintendent of Financial Institutions Jeremy Rudin. The work-plan for the group included a stock- taking exercise of efforts made both by regulators and financial institutions to strengthen governance frameworks in the financial sector. In May 2017, the FSB published the results of its stock-take exercise and set out three areas requiring future direction and focus.1 These are:
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