Theme Base Seminar - The Social Contract for the Banking Sector: What is it, actually? (23 Mar)
- Event Unit
- | Finance and Investment
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- Date & time
- 23Mar 2017 (Thu)18:30 - 19:00
- Rm 207, Admiralty Centre, 18 Harcourt Road, Hong Kong. (W04473)
- 2520 4612 (firstname.lastname@example.org)
After the financial crisis of 2007/8 onward and subsequent series of scandals, there was a call from the UK financial regulator for a new “Social Contract” with the UK banking sector (Paul Tucker, Deputy Governor, Financial Stability, BoE, 2009). In addition to bank failures and bailouts from 2007 onward, a number of banks, in particular large international or global institutions, have been mired in scandal, attracting the largest fines in the history of financial regulation for breaches of regulations. The sector reputation is under pressure as some banks were found to be insufficiently rigorous in combating money laundering and tax evasion, to have breached international sanctions, to have manipulated markets in loans (LIBOR) and in foreign exchange (Forex), or to have engaged in “mis-selling” of insurance products (PPI, MBS) or complex interest rate management products (Swaps).
This seminar considers the positive responses in the sector to a challenging societal and regulatory environment: Does this form a new “Social Contract”?