People who engage in risky activities in the financial services sector should be forced to take on unlimited personal liability as a deterrent to bad practice, according to the boss of Hermes.
Saker Nusseibeh, (pictured) Hermes' chief executive, said at an event in London this week that financial services is at an "important crossroads", and that a slavish belief in free markets has been "found wanting". In the same week that the head of the Prudential Regulatory Authority Andrew Bailey said it is "more than odd" that the top bosses in control of failed banks have avoided formal charges, Nusseibeh criticised financial services for failing to enact a culture of personal accountability. "The system fails to provide personal accountability. "Put people who engage in risky a...
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